Global Media

Encouraging to gain global recognition: Jaitley on Moody rating

Encouraging to gain global recognition: Jaitley on Moody rating”

The agency said it was lifting India's rating to Baa2 from Baa3 and changed its rating outlook to stable from positive as risks to India's credit profile were broadly balanced.

The agency also raised India's local currency senior unsecured debt rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3.

NEW DELHI:The rupee strengthened 64 paise to 64.68 against dollar in early trade on Friday after worldwide rating agency Moody's Investors Service upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook to stable from positive.

Jaitley said: "It is extremely encouraging that there is an global recognition and the fact that this recognition merely furthers our determination to follow the track we have embarked upon". All steps taken in the last few years had a roadmap.

The rating upgrade was the first in 13 years.

He added, the number of structural reforms that have taken place in the last three to four years have placed India "on path of a high trajectory growth".

More news: Tesla unveils 'the quickest auto in the world'
More news: 'Wonder Woman 2' moves away from 'Star Wars', up to November 2019
More news: HMD Global releases 3GB RAM variant of Nokia 5

Defending demonetisation, he said it has helped in taking the economy towards formalisation and digitalisation, and the success was being universally acknowledged.

"Introduction of Aadhar, recapitalization of public sector banks, smooth transition of GST and demonetization have all been landmark reforms", he said. In 2015, the rating outlook was changed from "stable" to "positive".

"All these reforms were directional... all steps that we have taken follow a particular roadmap..."

The four institutions with revised rating are Export-Import Bank of India (EXIM India), HDFC Bank, Indian Railway Finance Corporation Limited (IRFC) and State Bank of India (SBI), Moody's said in a statement. "I am sure that many who had doubts would now seriously introspect on their own positions", he said in a jibe at critics of his government's reforms programme.

All Indian markets including stocks, bonds and rupee rallied on the rating upgrade.

"Baa3" was the lowest rating in the investment grade - just a notch above the "junk" status.



Like this

Latest


15 November 2017
'Sweet news' as Bengal wins GI tag for 'rosogolla'
The GI tag was primarily developed with the goal of recognising the unique identity connecting different products and places. India, as a member of the World Trade Organization (WTO), enacted the Geographical Indications of Goods in 2003.

14 November 2017
Delhi pollution: NGT slams govt, SC to hear plea over rising smog
Sharma added that despite the case, which is to be heard in the Supreme Court, the review petition will be filed in NGT. Delhi's air, among the world's dirtiest, worsens in the winter months.

12 November 2017
Malaysians gear up for Alibaba's Singles Day shopping frenzy
And we know that some of the world's best retailers will be offering deals up to 30% off. . This was 29 percent higher than 2016, when the online shopping company made $17.8 billion.

12 November 2017
S Korea launch major war drills as N Korea looks on
Pacific Fleet has a determined and steady presence throughout the region, conducting operations for more than 70 years now. The aircraft carrier USS Ronald Reagan conducts joint drills with the South Korean navy at sea on October 19.

11 November 2017
Hulu Launches on Nintendo Switch
As a guy who has had an absolute ball playing his Switch this year, I have to say Nintendo is delivering on every point this year. Nintendo has announced the U.S. cord cutting service Hulu will be the first major streaming service to land on the Switch .

10 November 2017
Packers release Martellus Bennett, claim he failed to disclose medical condition
If the veteran tight end is healthy, there should be a substantial market for him. Bennett signed a three-year, $21 million contract with Green Bay in March.

09 November 2017
Jeff Sessions to be grilled by Congress over latest Russian Federation revelations
He allegedly added, "I understand our side may have messed up, but it'll take a long time to get to the bottom of it". The filings indicate the former adviser is now co-operating with prosecutors in their investigation.

09 November 2017
Danica Roem Ousts Longtime Republican Incumbent Bob Marshall
When Roem takes office, she will be the first openly transgender candidate to be elected and serve in a state legislative body. Roem, 33, openly discussed her gender identity during her campaign, but it was far from her focus.

08 November 2017
Pulwama encounter: Masood Azhar's nephew among 3 militants killed
Kashmir IG Khan said police would launch a thorough investigation to ascertain how such a weapon reached the hands of militants. An American M4 Carbine rifle and two AK-47 rifles were also recovered from the encounter site that lasted for a few hours.

08 November 2017
Trump administration ends immigration program protecting Central Americans from deportation
Congressional members, including Republican lawmakers, also called on the Trump administration to continue TPS. If they don't comply, they will be considered undocumented migrants and could face deportation.



Recommended