Govt pitches for rating upgrade with Moody’s
New Delhi, June 16
India on Friday made a strong pitch for a sovereign rating upgrade with Moody’s and also questioned the parameters based on which the US-based agency accords ratings, sources said on Friday.
Ahead of its annual review of the sovereign rating, Moody’s Investors Service representatives met Indian government officials during which the officials highlighted the reforms and strong fundamentals of the Indian economy.
A higher rating for India would mean the nation is less riskier, translating into lower interest rates on borrowings.
“Moody’s acknowledged the positives of the Indian economy. We are hopeful for a rating upgrade from Moody’s,” an official said after the meeting.
Moody’s Investors Service has a ‘Baa3’ sovereign credit rating on India, with a stable outlook. ‘Baa3’ is the lowest investment grade rating.
