Moody's Investors Service on Wednesday slashed India's growth projection to 9.6 per cent for the 2021 calendar year, from its earlier estimate of 13.9 per cent, and said faster vaccination progress will be paramount in restricting economic losses to June quarter.
Moody's expected economic activity to pick up in 2020 and 2021 to 6.6 per cent and 6.7 per cent, respectively.
The global ratings agency, however, cautioned that high debt burden remains a constraint on the country's credit profile.
Moody's Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to 'stable' from 'negative'. This follows the upgrade by the US-based rating agency in India's sovereign rating outlook to 'stable' from 'negative' on Tuesday. The agency had affirmed the sovereign rating at 'Baa3'.
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The rupee had slumped to a record low of 59.9850 rupee to the dollar on Thursday, as the country's record high current account deficit is exacerbating its vulnerability in an emerging market rout.
Telcos in Asia's emerging markets will face higher spectrum liabilities, but these essential costs are not subject to refinancing and have limited immediate impact on cash flows and liquidity, Moody's Investors Service said on Monday. The ratings of Asia-Pacific (APAC) telecom companies in emerging markets can tolerate the increased deferred spectrum liabilities at current levels, if these essential costs are the main driver of high debt or weaker leverage, Moody's Investors Service said in a new report. For emerging markets -- China, India, Indonesia, Malaysia and Philippines -- spectrum liabilities to gross debt will increase to more than 16 per cent in 2021 and 2022, from 11.6 per cent in 2020 and 9.3 per cent in 2018, assuming India completes its 5G spectrum auction in 2022, it added.
Moody's on Thursday said the new 'inflation targeting' mechanism is a "credit positive" move.
Moody's said domestic growth will offset global headwinds.
Moody's assigns a 'Baa3' rating on India, with a stable outlook.
Smith, considered one of the best batsmen in international cricket, could managed just 10 runs in the four innings he has played so far in the series and Moody said he is overdue for a big score.
Finance Minister Arun Jaitley presented his maiden budget last week in which he vowed to contain fiscal deficit at 4.1 per cent this year and lower it to 3 per cent by 2016-17.
RCB take on Chennai Super Kings, who are also in contention for a play-offs berth, in their final league game on Saturday.
Higher food prices can accelerate broader inflation by pushing up wages, while negatively impacting the government finances and reducing monetary policy flexibility, Moody's said in a report.
Any downward revision from the current 'Baa3' rating means junk status for the country.
But says govt finances the weakest aspect of the country's macroeconomic profile.
While current coach Anil Kumble is an automatic entry into the process, the others in the fray are Australian Tom Moody and Englishman Richard Pybus.
Top losers in the Sensex pack included Sun Pharma, Vedanta, ONGC, TCS, HUL, ITC, NTPC, Asian Paints and Infosys, shedding up to 4.23 per cent.
It said banks' asset quality will deteriorate across the corporate, small and medium enterprises and retail segments, leading to pressure on profitability and capital.
Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal to 7.2 per cent, from 7 per cent projected in March, saying elevated consumer confidence will drive spending, besides increased investments. In June update to its global economic outlook report, Fitch said it expects inflation to decline to 4.5 per cent by end of this year and RBI to cut policy interest rates by 25 basis points to 6.25 per cent.
The global rating agency has, however, cautioned that India's fiscal position remains 'weak'.
The government's fiscal deficits have reduced over the last five years.
Moody's expect RBI to hold policy 'repo' rate steady to have a neutral stance in this growth
Former India pacer S Sreesanth on Friday backed Hardik Pandya's selection in the T20 World Cup squad, saying the all-rounder's presence alongside Virat Kohli will make for a "great combination" when chasing tricky totals.
Moody's currently assigns 'Baa3' rating on India, with a stable outlook. 'Baa3' means medium grade with moderate credit risk.
Moody's on Sunday said any upgrade for the country will depend on consistent improvement in inflation, fiscal deficit and other economic parameters.
The 'P-3' ratings suggest acceptable ability to repay short-term obligations.
Melodies that stayed on in the mind and memory are too few and far between. Except the ones that do make an impression are definitely worth celebrating for their refreshing style and substance.
The opinion of a Junior Associate Economist employed with Moody's Analytics has been splashed all across implying it as the opinion of Moody's Analytics.
Govt to strongly pitch for better rating, to argue India has successfully weathered its problems and govt capacity on growth remains high.
Veteran coach Tom Moody on Thursday said the players' performance in highly-competitive leagues like IPL and ILT20 will have an added heft this time because of the impact it can have on the team selection ahead of the T20 World Cup.
The outlook for India's rating would improve if fiscal, inflation and infrastructure metrics get better, a global report said.
The economy is projected to clock 7.4 per cent growth.
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A higher subsidy burden and lower growth will weaken the country's fiscal metrics, analyst Atsi Sheth said in the presentation.
The Reserve Bank's tight monetary policy is likely to moderate the growth rate of Indian economy in the second half of the current calendar year, the economic analysis arm of international rating agency Moody's has said.
Former Australia player Tom Moody believes India need to be flexible with their batting order in white ball cricket.
Awestruck by Mahendra Singh Dhoni's swashbuckling knock against Sunrisers Hyderabad, former Australia all-rounder and Hyderabad coach Tom Moody says India is 'very lucky' to have the 31-year-old 'special' cricketer as captain.
The former Australia captain said Moody is young, talented and will gel with the Indian team.
The ratings agency currently rates India at Baa3
For 2021-22, it projected the economy to clock a growth of 10.6 per cent.
Moody's has predicted a slow growth rate for India's industrial sector in 2008.
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