Moody's ups ratings of SBI, HDFC Bank, EXIM India and IRFC

Moody's upgrading India's sovereign credit rating is a recognition of a series of reforms undertaken by the government Commerce and Industry Minister Suresh Prabhu said on Friday

Moody's Upgrades India's Ratings; Amit Shah Pats Modi's Back

"The reform program will thus complement the existing shock-absorbance capacity provided by India's strong growth potential and improving global competitiveness", it said.

BSE index jumped by 235.98 points after this news came out; while Nifty closed 68.85 points up.

In his comment, Bank of America Merrill Lynch (BofAML) Economist and Co-Head of India Research Indranil Sen Gupta said the rating upgrade supports its call that risks in India's government securities (G-sec) markets are overdone. Maintaining that the upgrading was based on New Delhi's "wide-ranging programme of economic and institutional reforms", Moody's simultaneously changed the outlook for the country's rating to stable from positive and upgraded India's local and foreign currency issuer rating to Baa2 from Baa3. Rupee surged as much as 1.1%.

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"While a number of important reforms remain at the design phase, Moody's believes that those implemented to date will advance the government's objective of improving the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth", it said.

This is India's first rating upgrade since 2004, when it was upgraded to Baa3 from Ba1.

"India's largest ever increase in Ease of Doing Business rankings, Pew study ascertaining PM ji's popularity, Moody's upgrade are all reflections of Modi Govt's hard-work and reform process", tweeted Bharatiya Janata Party (BJP) President Amit Shah.

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"Markets should worry that the government now having received the ratings upgrade, may actually slacken and relax its commitment to reducing fiscal deficit, as per the stated plan - especially, at a time when investors seem to be worrying about the same as reflected in the increase in bond yields of more than 50 bps since August 2017,"said Mr Chari". The second quarter's numbers would be out by the end of this month. While GST and demonetisation have undermined growth over the near term, real GDP growth will rise to 7.5 per cent in 2018-19 as disruption fades, it said.

Moody's Investors Service upgraded its ratings on India's sovereign bonds for the first time in almost 14 years on Friday, saying continued progress on economic and institutional reform will boost the country's growth potential. "Longer term, India's growth potential is significantly higher than most other Baa-rated sovereigns", it said.

Moody's improved rating for India means that investors can now have more confidence and more clarity regarding India's future, and they will be more open to investing there. HDFC Chairman Deepak Parekh said, "I've always felt India's rating was far below than what it should be". Earlier, the outlook was positive but on a lower rating, which indicated there were more chances of an upgrade than downgrade.

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