Credit ratings agency Moody's has downgraded India's sovereign rating and maintained negative outlook. Moody's Investors Service has today downgraded the Government's foreign-currency and local-currency long-term issuer ratings to Baa3 from Baa2. Moody's has also downgraded India's local-currency senior unsecured rating to Baa3 from Baa2, and its short-term local-currency rating to P-3 from P-2. The outlook remains negative, Moody's said in a press release.
