Moody's upgrades India's ratings: 10 things you need to know


Finance Minister Arun Jaitley on Friday termed Moody's upgrading India's sovereign rating after 13 years as "belated recognition" of all the reforms taken by Prime Minister Narendra Modi-led-NDA government in last few years.

"It is an upgrade which has happened after 13 years".

Taking a dig at those opposing the government, he said that this vindicates their position.

Addressing a press conference after Moody's, one of the major ratings agencies upgraded India's sovereign ratings to Baa2 from Baa3, Jaitley said the recognition will further the determination of the government to do better. "The structural reforms that have placed India on the path of a high trajectory growth", Jaitley said.

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.

"We welcome this upgrade, we believe that it is a belated recognition of all the positive steps which have been taken in India in the last few years, which has contributed to strengthening of Indian economy", Jaitley said.

The global ratings agency, however, cautioned that high debt burden remains a constraint on the country's credit profile.

On Friday, the government cheered the upgrade as an endorsement of its reforms.

Radhika Rao, an economist at DBS, said implementation of reforms, a subdued rural sector and weak investment have slowed economic growth while rising oil prices have raised the risks.

At 0550 GMT, the benchmark 10-year bond yield was down 9 basis points at 6.97 percent, the rupee was trading stronger at 64.84 per dollar versus the previous close of 65.3250, while the NSE share index was 1.1 percent higher.

However, Moody argued that measures such as the GST, demonetisation, and others would need time to settle in, and the impact would be witnessed in due course of time.

Mumbai: Terming Moody's Investor Services' much-awaited sovereign ratings upgrade as "positive inflection point", Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi has said it is an acknowledgement that the reform measures being taken by government are in the right direction.



Latest news

BJP gives ticket to 36 more for Gujarat poll
They raised slogans against the party, expressing anger against Jadeja being denied candidature from Wadhwan. The new faces in the list include former IPS officer PC Baranda, who resigned from service two days ago.

Colorado Springs military installations see growing number of reported sexual assaults
The new numbers from the fiscal year 2016 show the number of sex assault reports has almost tripled at Fort Carson since 2013. The number of cases in the Navy stood at 4,788, with 3,876 reports in the Air Force and 3,400 in the Marine Corps .

Apple HomePod Speaker Delayed, Will Miss Holiday Shopping Season
Apple's offering promises higher-end sound than the Google Home and Amazon Echo produces, albeit at a much larger $349 price tag. If you were hoping to buy a HomePod for your honey this holiday season, you'll have to come up with plan b.

Model Gigi Hadid pulls out of Victoria's Secret China show
Scantily clad women in lingerie in China?! Find out which models will be walking the 2017 Victoria's Secret show. The clip was posted by the model's sister, Bella , in February and later deleted following a storm of criticism.

2.6 million Floridians to travel during Thanksgiving holiday, AAA says
It was higher at $2.56 a gallon a month ago, but lower at $2.18 a gallon past year at Thanksgiving. Past year on Thanksgiving Day, the average price for a gallon of regular in Florida was $2.10.

Dog-owners live longer, new study says
The psychological effects of owning a dog are well-known: A furry housemate can reduce stress and improve well-being. Now, the results of this study don't mean that there's a causal relationship between owning a dog and living longer.

Four die after collision between helicopter and aircraft
Wycombe Air Park is also known as Booker Airfield and sits around 20 miles away from the site of the crash. Two Urban Search and Rescue crews are also assisting as part of the fire service response.

Erdogan and Ataturk depicted as enemies in North Atlantic Treaty Organisation exercise
It was not clear what drill Erdogan was referring to and there was no immediate comment from North Atlantic Treaty Organisation . They put up something like an enemies board which included Ataturk's picture and my name.

Aston Martin Valkyrie AMR Pro Is a Roaring V12-Powered Track Monster
There are also much larger front and rear wings and revised active aerodynamic control created for the demands of track driving. This includes time in the simulator and professional on-track tuition, plus programmes to improve their physical fitness.

When will Ezekiel Elliott return to the Dallas Cowboys from suspension?
Cowboys owner and general manager Jerry Jones has been outspoken in his support of Elliott and has decried the league's actions. With that being the case, many of you are probably wondering when Elliott will make that return to the Cowboys this season.

Truck driver with 'F-TRUMP' sticker arrested in Fort Bend County
Fonseca, who has children, said she's heard the criticism from some parents. But the ACLU cited a 1971 Supreme Court decision, Cohen v.

Woman Alleges Al Franken Groped Her, Shares Photo
Her account includes a photo of Franken posing for the camera as he reaches for Tweeden's breasts while she appears to be asleep. Senate Majority Leader Mitch McConnell was quick to call for an ethics committee probe into the allegations against Franken.

Home Form Vital For Arsenal, Says Wenger
Arsenal v Spurs promises to be more than just a match for Gunners fans on Saturday and now, Arsene Wenger has given his team news ahead of the clash.

Small retailers looking to get in on Black Friday 2017
First up is Amazon , which continues its march toward Black Friday 2017 with some of the best deals we've ever seen on the site. It is worth signing up to Amazon Prime if you want to take advantage of the best offers for Black Friday season.

Scientists spotted Earth-like planet, potentially capable of harboring life
The ESO reports that its High Accuracy Radial velocity Planet Searcher (HARPS ) instrument was what discovered Ross 128 b. Depending on how you run the numbers, Ross 128b could be outside, inside, or at the inner edge of its habitable zone.

Other news