It is rare that a decision to plough billions of dollars of public money into weak banks is accompanied by an international ratings agency upgrade, but that is what happened in India recently.
On October 24, the government announced Rp2.11 trillion ($34.2 billion) of bank recapitalization measures for public-sector banks over the next two years. And on November 17, Moody’s upgraded the country from Baa3 to Baa2 – a notch above investment grade – for the first time in 14 years.
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