S&P takes the cue, ups India rating by a notch.
Economic Times (New Delhi, India), February, 2005
Feb. 3--MUMBAI, India -- International rating agency Standard & Poor's (S&P) today raised India's long-term foreign currency rating by a notch to just a rung below investment grade, based on the country's improved external position and growth prospects.
The rating upgrade to BB with a stable outlook, coming well after rival agencies Moody's and Fitch upgraded the country's long-term foreign currency rating, will boost the overseas debt-raising plans of Indian corporates.
A rating upgrade will help Indian issuers of debt abroad to borrow there at slightly cheaper rates, especially for short and medium term maturities. S&P also raised the long-term foreign currency ratings of six top Indian corporates on Wednesday.
Bankers and analysts feel...
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