India may seek a ratings upgrade from Moody’s amid recovery hopes

The Finance Ministry plans to pitch for a ratings upgrade from Moody’s Investors Service during a scheduled meet on September 28, people familiar with the matter told Bloomberg.

FinMin officials aim to convince the ratings agency of India’s firm recovery with details of how the country will meet its budget targets for the current fiscal, they added, asking not to be identified.

Moody’s had downgraded India’s sovereign rating to Baa3 from Baa2 with a negative outlook in June last year.

The international firm cited a weak reform push contributing to a prolonged period of slow growth amid the Covid-19 pandemic, pointing out that the outbreak amplified vulnerabilities in India’s credit profile that were already present and building prior to the shock.

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