News From Press 'Higher risk of rating downgrades, defaults in next two years'

'Higher risk of rating downgrades, defaults in next two years'

Source: The Economic Times Jun 11, 2020

In the last month, the bond market stood firm against persistent negative shocks. The government breached its FY20 fiscal deficit target by Rs 1.8 trillion (0.80% of GDP). Market borrowings for FY 2020-21 increased by over 50% (Rs. 4.2 trillion). Consequently, Moody’s downgraded the sovereign rating of India just as crude oil price jumped by over 50%.

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