Moody’s India downgrade is not unexpected: BofA Securities
While the rating agency downgraded India’s sovereign rating, BofA Securities’ economists see the present downturn as cyclical rather than structural; say fiscal stimulus is critical for recovery.
YES Bank shares tumble after Moody’s downgrade
Trouble hit the private lender once again after ratings agency Moody’s cut the bank’s credit rating and assigned a negative outlook to the company. YES Bank shares dived 10% on the BSE on Friday .
Moody’s cuts India outlook to negative
Moody’s cut its India outlook due to concerns of weak growth and fiscal risks. The S&P BSE Sensex closed at 40,323.61, 300 points lower than the previous day’s closing figure.
What Hong Kong protests mean for businesses
Moody’s recent downgrading of Hong Kong’s sovereign rating and the slumping of the Hang Seng Index by over 13% since April reflect a substantial drop in consumer and investor confidence.
YES Bank is on the edge of a precipice
The next few months are crucial for the lender. Any more ratings downgrade is likely to send it into the prompt corrective action (PCA) framework which will check its freedom to conduct business.