Moody's downgrades India's rating to 'Baa3'

Moody's Investors Service on Monday downgraded India's sovereign rating to 'Baa3' from 'Baa2', saying there will be challenges in the implementation of policies to mitigate risks of a sustained period of low growth and deteriorating fiscal position. It has also downgraded India's local-currency senior unsecured rating to Baa3 from Baa2, and short-term local-currency to P-3 from P-2.