Rupee climbs over 60 paise against USA dollar after Moody's rating upgrade
19 November, 2017, 01:00 | Author: Brian Mcdaniel
Moody's Investors Service upgraded its ratings on India's sovereign bonds for the first time in almost 14 years on Friday, saying continued progress on economic and institutional reform will boost the country's growth potential.
Within minutes of upgrade the Government's Chief Economic Advisor Arvind Subramanian tweeted, "Moody's India rating upgrade. 1".
Maintaining that the upgrading was based on New Delhi's "wide-ranging programme of economic and institutional reforms", Moody's simultaneously changed the outlook for the country's rating to stable from positive and upgraded India's local and foreign currency issuer rating to Baa2 from Baa3. Standard & Poor's has kept India at the lowest investment grade just above junk status for a decade and Fitch Ratings for one year longer. "Most of these measures will take time for their impact to be seen, and some, such as the GST and demonetisation, have undermined growth over the near term".
"However, as disruption fades, assisted by recent government measures to support SMEs and exporters with GST compliance, real GDP growth will rise to 7.5% in FY2018 (2018-19), with similarly robust levels of growth from FY2019 (2019-20) onward. We welcome it and believe that it is a belated recognition of all the positive steps taken in India in the last few years which have contributed to the strengthening of the Indian economy", he told reporters here.
On Friday, the government cheered the upgrade as an endorsement of its reforms.
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He also added that the number of structural reforms that have taken place in the last three to four years have placed India "on the path of a high trajectory growth".
"It is an upgrade which has happened after 13 years".
"It is extremely encouraging that there is an global recognition... The reform program will thus complement the existing shock-absorbance capacity provided by India's strong growth potential and improving global competitiveness", the rating agency said in a statement.
In the case of HDFC Bank, the rating agency has also upgraded the bank's baseline credit assessment (BCA) and adjusted it to Baa2 from Baa3, it said.
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