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Moody's says lockdown to hurt Indian asset-backed securities performance
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The three-week nationwide lockdown in India will hit the performance of commercial vehicles category and small businesses in asset-backed securities, Moody's Investors Service said on Monday.
Among asset-backed securities (ABS) in India, Moody's rates commercial vehicles and small and medium (SME) loans the most, it said.
Prime Minister Narendra Modi had last week announced a nationwide curfew for 21 days, beginning March 25 to contain the spread of coronavirus.
State borders were sealed and transportation--road, rail, air--was banned, excluding movement of essential goods. While the step was taken to break the chain of pandemic spread, the lockdown in India is expected to significantly impact economic activity.
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