The decision of Moody’s to downgrade India’s sovereign debt, both in rupee and forex — from Baa2 to Baa3, the lowest investment grade status — had been on the cards for months, despite hectic behind-the-scenes lobbying by officials to avoid a downgrade. In that sense, it is hardly a shock. Moody's has also downgraded India's local-currency senior unsecured rating from Baa2 to Baa3, and its short-term local currency rating from P-2 to P-3.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Already a premium subscriber? LOGIN NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- 26 years of website archives.
- Preferential invites to Business Standard events.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Tue, June 02 2020. 07:53 IST