Moody’s upgrades India’s local currency debt rating

Global ratings agency Moody's Investor Service on Wednesday upgraded its local currency rating for Indian government bonds to Baa3 which is investment grade as compared to the earlier Ba1 which is junk or speculative grade.  The ratings agency has had traditionally separate rating for investors who choose to buy bonds in foreign currency and separate rating for those who have a rupee exposure. Until September, the ratings agency had a Baa3 foreign currency rating and a Ba1 local currency rating.

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