Moody's upgrades India's short-term foreign currency rating from speculative to investment grade

Credit rating agency Moody's  has upgraded India's  short-term foreign currency rating  from speculative to investment grade.Finance Minister of India Pranab Mukherjee said that Moody's has also upgraded the short-term country ceiling on foreign currency bank deposit from Not Prime to Prime.

“ there has been another upgrade by Moody’s with the short-term country ceiling on foreign currency bank deposit increasing from NP (not prime) to Prime (P-3), suggesting acceptable ability to repay short-term obligations,”