On Friday, Moody’s Investors Service said that negative outlooks on India’s ratings are increasing risks and GDP growth will be much lower than before in terms of economic, institutional issues. In November 2019, Moody’s changed India’s outlook from stable to negative amid concerns of economic growth. However, the agency confirmed the country’s ‘Baa2’ rating.
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In addition, the agency said in its update in the November forecast released on Friday that India’s credit profile is supported by the country’s large and diversified economy and stable domestic financing. It is balanced against high government debt, weak social and physical infrastructure and weak financial sector, which is facing pressure in front of the coronavirus outbreak.
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The agency further said that the negative outlook is showing increasing risk, due to which economic growth will be much lower than in the past. Moody’s said that the condition of the economy is getting thinner due to Coronavirus, as well as partly due to long-standing economic and institutional weaknesses have also weakened the economy.
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