Diabytes
India rating upgrade News
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Upset over not getting a rating upgrade, India has lashed out at global rating agencies saying they are far detached from ground realities and must introspect as the reforms initiated certainly warranted an upgrade.
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'BBB' is the lowest investment grade rating and stable outlook reduces risk of possible sovereign rating downgrade.
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Government's reform initiatives have unlocked Indian "economy's dynamism" but weak public finances continue to remain a strain on any rating upgrade, global ratings firm Fitch said on Monday.
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Earlier this month, Moody's had upgraded India's outlook to positive from stable, but retained the credit rating at the existing level at 'Baa3', just a notch above the junk grade.
US-based Moody's has a caveat before considering a rating upgrade for India -- the country should stick to fiscal consolidation and effectively address weaknesses in the banking sector.
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