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MarketScreener Homepage  >  Equities  >  Nyse  >  Moody's Corporation    MCO

MOODY'S CORPORATION

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S&P affirms India's long-term sovereign credit rating for second time in four months

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09/25/2020 | 12:08pm EDT
Outbreak of the coronavirus disease (COVID-19) in Mumbai

Rating agency Standard and Poor's reaffirmed India's long-term sovereign rating at the lowest investment grade for the second time in four months on Friday, and it said it expects the economy to rebound from the impact of the COVID-19 pandemic.

The news keeps India's hopes alive of keeping its coveted investment grade, with two other rating agencies - Moody's and Fitch - having put it on a negative watch at their lowest investment grade ratings earlier this year.

India's long-term foreign and local currency sovereign credit was affirmed by S&P at 'BBB-' with a stable outlook, while the short-term rating was held at 'A-3'.

"The stable outlook reflects our expectation that India's economy will recover following the resolution of the COVID-19 pandemic, and that the country's strong external settings will act as a buffer against financial strains despite elevated government funding needs over the next 24 months," S&P said.

The Indian economy will experience a record contraction in the fiscal year to March 2021 on account of the global COVID-19 pandemic but real GDP will recover significantly in FY22, the ratings agency said.

India has the second highest virus cases globally despite seeing one of the strictest of lockdowns and cases are still rising as the economy gradually opens up.

"We expect economic activity in India to begin to normalize in fiscal 2022, resulting in real GDP growth of about 10%."

The Indian government's direct fiscal support has been limited to 1.2% of GDP so far compared to roughly 3% of GDP on average in other emerging market economies.

S&P noted that the government's reluctance to provide greater direct fiscal support to the economy likely reflects pre-existing fiscal constraints owing to years of high fiscal deficits.

"Although additional stimulus may help to avert a steeper downturn this year, it would also further strain the government's weak finances," it said.

By Swati Bhat


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Financials (USD)
Sales 2020 5 262 M - -
Net income 2020 1 792 M - -
Net Debt 2020 3 811 M - -
P/E ratio 2020 27,8x
Yield 2020 0,84%
Capitalization 49 364 M 49 364 M -
EV / Sales 2020 10,1x
EV / Sales 2021 9,91x
Nbr of Employees 11 400
Free-Float 54,5%
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 309,92 $
Last Close Price 262,90 $
Spread / Highest target 41,1%
Spread / Average Target 17,9%
Spread / Lowest Target -10,6%
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Managers
NameTitle
Raymond W. McDaniel President, Chief Executive Officer & Director
Henry A. McKinnell Chairman
Robert Scott Fauber Chief Operating Officer, Director & Executive VP
Mark Kaye Chief Financial Officer & Senior Vice President
Mona Breed Chief Information Officer & Senior Vice President
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