Global agency Moody’s on Tuesday upgraded India’s short-term foreign currency rating from speculative to investment grade, a development which will help domestic companies to raise funds from overseas markets at better rates.
The latest upgrade comes less than a month after Moody’s had upgraded the credit rating of Indian government’s bonds from speculative to investment grade, a move that was expected to encourage FIIs to increase their exposure in gilts and help companies raise funds from abroad at competitive rates.
Moody’s had upgraded short term government bonds denominated in domestic currency from NP not prime to P-3.
Moody’s had upgraded rating on long-term government bond denominated in domestic currency from Ba1 to Baa3 or from speculative to investment grade.
Besides, the long-term country ceiling on the foreign currency bank deposit was also upgraded from Ba1 to Baa3.
