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Credit rating is matter of opinion: Uday Kotak on Moody's downgrade

Uday Kotak city New Delhi India economy Government crisis
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NEW DELHI : Not seem to be convinced with India's sovereign rating downgrade by Moody's, Kotak Mahindra Bank managing director Uday Kotak on Tuesday said credit rating is a matter of opinion.

Moody's Investors Service on Monday downgraded the country's rating by one notch to 'Baa3', the lowest in the investment grade, with a negative outlook on worries over growth and fiscal risks. "As of now, including the global financial crisis, that matter of opinion (rating) has proved that there has been no legal liability for that opinion being right or wrong," Kotak quipped.

It is to be noted that the big three rating agencies, including Moody's, came under heavy criticism after the global financial crisis for giving favourable ratings to insolvent

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United States
United States
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India
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Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
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United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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