Moody’s downgrades India’s rating

News:
  • The Global Rating agency Moody’s downgraded India’s foreign currency and local currency long term issuer ratings to Baa3 from Baa2.
  • Moody’s maintained a negative outlook for India, citing prolonged period of low growth and further deterioration in the government’s fiscal position.
GDP Projection:
  • The rating agency expects the country’s GDP to contract by 4% in the current financial year.
  • It is due to the shock from the pandemic and related lockdown measures.
  • The GDP growth is expected to pick up in the next fiscal to 8.7% and closer to 6% in the year after.
Posted by Jawwad Kazi on 2nd Jun 2020
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