Downgrade downside

While finance ministry mandarins continue to think they can get global credit rating firms to raise India’s rating in view of its relative economic performance—the finance ministry’s Comparative Rating Index of Sovereigns (CRIS) shows India’s CRIS ranking has gone up from 61st to 55th between 2007 and 2011—Moody’s Investors Service has just commenced a 3-month-long exercise that could result in a fall in the standalone ratings of the only banks in the country that are still rated above India’s sovereign rating.

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