Writing in The New Indian Express, Shankkar Aiyar, provides an overview of the present economic downturn contexualising Moody's recent change in India's rating from stable to negative. Excerpt:
"Lessons for the future are embedded in the past. In November 2017, international rating agency Moody’s upgraded India’s rating “from Baa2 from Baa3” and changed the outlook on the rating to stable from positive. The government welcomed it as “a recognition and endorsement of all the reforms of the last few years.” The upgrade came with its share of ifs and buts, and a caveat. Moody’s cautioned that “Much remains to be done” and listed as expectations a laundry list of reforms."
Read the full article here.