A day just after India’s sovereign ranking downgrade, Moody’s Investors Service on Tuesday slice scores of eight non-fiscal businesses, like Infosys, TCS, ONGC, and 3 banking institutions SBI, HDFC Lender and EXIM.
It also downgraded seven Indian infrastructure issuers, like NTPC, NHAI, GAIL and Adani Environmentally friendly Power Limited Team, by 1 notch. Issuer scores of IRFC and HUDCO have also been decreased.
Moody’s mentioned the economic disruption prompted by the coronavirus pandemic and the downgrade of the sovereign ranking are the key drivers for Tuesday’s ranking steps. On Monday, Moody’s had downgraded India’s sovereign ranking for the very first