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Moody’s Investors Service on Monday cut long-term sovereign rating for India from ‘Baa2’ to ‘Baa3’ — a notch above junk. The global rating agency maintained its negative outlook, citing structural weaknesses, weak policy effectiveness, and slow reforms momentum even before the Covid-19 pandemic.
The change brings Moody’s rating into line with Fitch and Standard and Poor’s, both of which rate India BBB-, although they assign stable rather than negative outlooks. Due to Covid-19 related stress on economies, ratings for Great Britain, South Africa, and Italy, among others, have also been downgraded, and for others like Indonesia, France, and Brazil,
The change brings Moody’s rating into line with Fitch and Standard and Poor’s, both of which rate India BBB-, although they assign stable rather than negative outlooks. Due to Covid-19 related stress on economies, ratings for Great Britain, South Africa, and Italy, among others, have also been downgraded, and for others like Indonesia, France, and Brazil,
