Moody’s slashed India’s credit rating to one level above junk status
1:48 p.m. (Singapore time) — Moody’s Investors Service cut India’s credit rating from Baa2 to Baa3, which is the lowest investment grade level. The ratings agency said on Monday that the outlook remained negative.
Moody’s said India’s “policymaking institutions will be challenged” in their efforts to implement policies to effectively mitigate risks of relatively low growth over an extended period of time, further deterioration of the government’s fiscal position and stress in the financial sector.