8/10/2023

India Furious With Rating Firms Giving It Insulting BBB-minus Rating at Bottom of Investment Grade

An Indian official has once again expressed outrage over poor Indian investment grading by the Fitch, S&P and Moody's sovereign global rating agencies.

Sanjeev Sanyal, Member of the EAC to the Prime Minister pleaded that India should be rated at least one or two grades higher than what it is at present by global rating agencies.

India just about makes it past the investment grade in the ratings of the agencies, which is "utterly absurd", PTI quoted Sanyal as saying on Monday.

"In terms of sovereign ratings, if India was fairly rated, it should be at least one, if not two grades higher. There is no reason for India to be at the bottom of the investment grade," Sanyal said of his own country.

Fitch has retained its sovereign rating for India at the lowest investment grade of 'BBB-' for more than 16 years now. In June 2022, Fitch revised up its outlook for India's long-term foreign currency issuer default rating (IDR) to 'stable,' from 'negative,' after a gap of two years.

S&P and Moody's have also maintained such ratings for India at the same level - 'BBB-' and 'BAA3', respectively - with a 'stable' outlook.

Sanyal said frameworks of the rating agencies should be questioned, and India should realise that those can be replaced with "ease". But the rating agencies had stood their ground.

Indian officials have often spoken out against the rating rationale of agencies based out of the West and have regularly held meetings with said firms in a futile bid to push for an upgrade. Earlier this year, senior officials led by chief economic advisor V Anantha Nageswaran reportedly held a meeting with Fitch executives.

In their latest assessments, global rating agencies have acknowledged India's robust growth outlook compared to peers and still-resilient external finances. However, they have also flagged "weak public finances," reflected in high deficits and debt relative to peers.

Anonymous

4 comments:

  1. https://youtu.be/zy-8KT9Vv8Q

    India should be graded for downgraded to DDDD+++ aka Donkey as the Americunts Democrats Icon for being Daylight Robbers just as the UAssA for extorting 90 Billion rubbish, oops rupees from China and their unsavoury dirty tactics of conning many investors.

    Many many Mani more.

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  2. Furious or not, the facts speak for themselves.

    Fitch maintaining that BBB- rating for 16 years is no accident. Clearly nothing changed. So why is India saying there is no reason, when reasons causing foreign companies fledding India had never been addressed, and is in fact getting more grotesque.

    'You can fool some of the people all of the time, all of the people some of the time, but you cannot fool all of the people all of the time' unquote Abraham Lincoln.

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  3. Remember the saying - A bad workman quarrels with his tools.

    Blame the tools, not his inadequacy and meritocracy.

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  4. How many golds India won in all Olympics?
    Gold 10
    India at the Olympics
    Website olympic.ind.in
    Medals Ranked 58th Gold 10 Silver 9 Bronze 16 Total 35
    Summer appearances
    1900 1904–1912 1920 1924 1928 1932 1936 1948 1952 1956 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024

    Fair to say "no brains no athletic abilities but gold standard for fcuked up attitude." LOL

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