Now Moody’s retains India’s credit rating, no upgrade

Mumbai, Nov 16 (IANS) International ratings agency Moody’s on Wednesday said it was maintaining the “positive” sovereign credit rating of India without any upgrade — the second agency to do so after Standard and Poor’s.

“Having assessed progress made since then, Moody’s conclusion is that important steps have been taken to strengthen India’s institutions,” Moody’s Investors Service said in a statement.

“However, thus far, the policy effort has not delivered a sufficiently clear prospect of the reform dividends — sustained, high growth and the promise of a reduction in the country’s debt burden — to support an upgrade.”