12 Nov '11, 12pm

Ratings agency to discuss India outlook

Ratings agency to discuss India outlook

NEW DELHI : Global credit ratings agency Moody's, which cut the outlook for Indian banking system this week, will meet finance ministry officials on Monday as part of a review of the country's rating, a report said. Moody's currently assigns a rating of Baa3 -- the lowest investment-grade rating -- to Asia's third-largest economy. "We are meeting Moody's on Monday to discuss India's sovereign credit rating," a senior finance ministry official told the Press Trust of India on Friday. The meeting comes as India's economy passes through a rough patch, with the government expecting growth for this fiscal year to March 2012 to slow to 7.6 percent from 8.5 percent last year. Investment houses are more pessimistic, with Goldman Sachs forecasting growth of just seven percent. The Moody's officials were expected to talk about steps Premier Manmohan Singh's government has taken to r...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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