FinMin to pitch for upgrade with DBRS

Representatives from DBRS are scheduled to meet finance ministry officials on July 27 to review the countrys sovereign ratings, said a person close to the development,adding that the government is expected to point to its improved fiscal scenario while seeking a rating upgrade.

While the Centres fiscal deficit did much better than anticipated and was contained at 4.9 per cent in 2012-13,the current account deficit was also kept at 4.8 per cent of the GDP as against an expected 5 per cent. A higher rating not only makes overseas borrowings easier but also increases the attractiveness of a country as an investment destination.

DBRS had in 2011 for the first time upgraded Indias long-term foreign and local currency debt rating outlook to stable from BBB low negative and confirmed it in 2012 as well. It has been rating Indias debt since 2007.