“This is not a forum to question the rating methodology or make a cross-country comparison, but explaining the government’s assessments of the economy to help these credit rating agencies make their assessment. The meeting was conducted in the most cordial atmosphere,” said a source, when asked whether the government had pitched for a ratings upgrade.
“Accordingly the issue regarding comparison with any country or questioning the methodology does not arise,” the sources added.
Moody’s Investors Service has a ‘Baa3’ sovereign credit rating on India, with a stable outlook. ‘Baa3’ is the lowest investment grade rating. Policymakers in India have long argued that the country’s rating does not reflect the strong fundamentals of the economy, which has notched robust growth rates.
Policymakers in the past have pointed to the strong growth and the raft of reforms undertaken by the government as signals for seeking an upgrade from the junk levels.
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