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Moody's Downgrades India's Ratings

Moody's Investors Service on Monday downgraded India's foreign currency and local currency long-term issuer ratings to Baa3 from Baa2, believing the country's policymaking institutions will be challenged in enacting and implementing policies which effectively mitigate the risks of a sustained period of relatively low growth. Moody's expects India's real GDP to contract by 4.0% in fiscal 2020 due to the shock from the coronavirus pandemic and related lockdown measures.