New Delhi, Sept. 2 -- Banking on "solid" economic growth and a strong financial system, Japanese credit rating agency JCR on Wednesday upgraded India's sovereign rating to 'A-', a feat achieved after a gap of 35 years. JCR's 'A' rating implies a high level of certainty to honour its financial obligations.
The rating upgrade from 'BBB+' to 'A-' comes within days of India's NSO publishing higher-than-expected GDP data, which showed the economy grew 7.8 per cent in the first quarter on strong performance by the manufacturing and services sector, despite global headwinds.
"Considering India's solid economic growth, the effectiveness of economic policies that strengthen the foundations for growth, and the improved soundness of the financial system, JCR has upgraded the Republic of India's Foreign Currency and Local Currency Long-term Issuer Ratings by one notch to 'A-'," it said.
Published by HT Digital Content Services with permission from Millennium Post.