Вторник, 12 Декабря, 2017

Moody's praises government reforms, expects 6.7% GDP growth this fiscal

Moody's ratings 'extremely encouraging', endorses Centre's reforms, says Jaitley Moody's upgrade a recognition of Modi govt's reforms: FM Arun Jaitley
Lillian Steele | 18 Ноября, 2017, 01:58

However, debt traders said the rally was unlikely to last beyond a few days, as the coming heavy bond supply and hawkish inflation outlook were unlikely to change soon.

Moody's rating actions follow the upgrade of the India's local and foreign currency issuer ratings to Baa2 from Baa3 on Thursday.

In an official note, Moody's said the decision to upgrade India's rating was based on the expectation that continued progress on economic reforms will enhance India's high growth potential.

"And after a long spell of 13 years, India gets the rating upgrade".

"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 Sebi chief also said the rating upgrade to Baa2 would further boost investments including foreign inflows.

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But some economists said an upgrade from the other big rating agencies seemed unlikely.

On mention of India's fiscal prudence in the Moody's report, Jaitley said "India continues on the path of fiscal prudence which has brought stability to the economy".

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

Prior to this rating action, HDFC Bank's BCA and ratings were constrained by India's previous sovereign rating of Baa3 given the bank's significant exposure to the government in common with other Indian banks.

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.

It, however, said the high public debt burden remains an important constraint on India's credit profile relative to its peers, notwithstanding the mitigating factors which support fiscal sustainability.

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