Moody upgrade India Soverign rating

Moody’s Investors Services has upgraded India’s sovereign rating for the first time in the last 14 years.

Lauding the country’s economic and institutional reforms by Prime Minister Narendra Modi’s government, the agency has lifted India’s local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.

Taking a note of the development, Finance Minister Arun Jaitley said: “We welcome the 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 the strengthening of Indian economy.”