Despite global credit agencies’ negative outlook for India, it is still not gloom. An unaffiliated rating agency, Weiss Ratings Incorporated, has given India the thumbs up and has placed India’s credit rating one notch above the United States of America.
Weiss has placed India at ‘C’ and the US at ‘C minus’. India shares its rating with Brazil. China is placed one notch below the top of the rating scale at ‘A minus’.
Weiss’s rating is contrast to the sovereign credit rating outlook issued by Moody’s, Standard & Poor and Fitch. All these rating agencies have upheld India sovereign rating at the bottom of the investment grade, but have issued a negative outlook citing financial and weak external payments position. The negative outlook implied the threat of a credit rating downgrade.
Weiss group chairman Martin David Weiss while explaining the reasons for the different outlook and the rating rationale said, “Emerging markets, including India have a stronger financial conditions than the United States. So it is not fair to give a high rating to the United States and a lower rating to other countries. There should be a little more balance there.”
