India to ‘pitch strongly’ for sovereign rating upgrade with Moody’s
During the course of US' Moody's ratings agency's forthcoming visit to India from November 14 to 16, the Indian government will reported pitch strongly for an upgrade of its sovereign rating, especially after Moody's has downgraded its outlook for the banking system in the country from "stable" to "negative."
The fact that another leading US rating company, Standard & Poor's, has already made an upward revision to India's economic risk score to `5' from `6', has seemingly lent notable credence to the country's pitch for sovereign ratings' upgrade with Moody's.
It was on Wednesday that Moody's had downgraded its outlook for India's banking system, along with issuing the warning that the slowing growth - both domestic and overseas - had delivered a blow to asset quality, capitalisation and profitability.
However, going by the information shared by official sources, even though India's growth is showing signs of slowing, the country's economy, overall, is definitely in a much better condition in comparison with other developed nations.
Noting that the banks in India are "fully capitalized" - with public sector banks being capitalised further; and private sector banks already adequately capitalized, the official sources said: "We are going to tell them (Moody's) it is time to upgrade India's rating."
