Moody’s flags bad loan concerns at Finmin meet

NEW DELHI: Citing reforms and steps taken towards ease of doing business, the finance ministry on Wednesday pitched for a rating upgrade with Moody’s, while the

NEW DELHI: Citing reforms and steps taken towards ease of doing business, the finance ministry on Wednesday pitched for a rating upgrade with Moody’s, while the US-based agency expressed concern over the state of bad loans in the banking sector. At a meeting with economic affairs secretary Shaktikanta Das and other officials of the ministry, representatives from Moody’s are learnt to have said that a rating upgrade could be a reality when the benefits of reforms could be felt on the ground and the country’s banking sector stabilises. Moody’s rates India at ‘Baa3’, the lowest investment grade — just a notch above ‘junk’ status.

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