India's rating upgrade reflects growth story: Niti Aayog
18 November, 2017, 01:59 | Author: Katrina Soto
Moody's has also upgraded India's local currency senior unsecured rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3, according to a statement from the agency. "And we intend to move on that track", said Jaitley.
Moody's has upgraded India's ratings after a gap of 13 years in a report released on November 16.
Earlier on Friday, the US-based credit rating agency Moody's had upgraded India's sovereign credit rating by a notch to "Baa2" with a stable outlook citing improved growth prospects driven by economic and institutional reforms.
Prior to this rating action, HDFC Bank's BCA and ratings were constrained by India's previous sovereign rating of Baa3 given the bank's significant exposure to the government in common with other Indian banks.
"In the meantime, while India's high debt burden remains a constraint on the country's credit profile, Moody's believes that the reforms put in place have reduced the risk of a sharp increase in debt, even in potential downside scenarios". "For three years in a row, India is among the fastest growing major economies", Jaitley said. In addition, it has changed to stable from positive the ratings outlook for IRFC; EXIM India and its London branch; HDFC Bank, its Bahrain and Hong Kong branches; as well as SBI and its Hong Kong, London, and Nassau branches.
However, at a Morgan Stanley event in Singapore on Thursday, he had said, "No pause, but challenges arising from structural reforms (which) could change the (fiscal) glide path".
Reports suggest that the global rating company said the reforms undertaken by the government would lead to an enhanced business environment, fuelling the foreign and domestic investment, and subsequently the growth momentum.
Taking on opposition, Jaitley said those who had doubts about the government's reforms must introspect. "Baa3" is the lowest rating in the investment grade, just a notch above "junk" status.
The finance minister said that the government's emphasis was on "implementation and reaping benefits of the growth process".
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