Fitch Ratings and S&P Global Ratings rate India at the lowest investment grade, while Moody’s Investors Service last year upgraded the sovereign to Baa2 from Baa3, the first increase since 2004. Photo: Hemant Mishra/MintMumbai: India is considering selling $4 billion of sovereign bonds overseas, Cogencis reported on Wednesday, citing a person it didn’t identify. Malik denied the move when reached by telephone; however, sovereign bonds had earlier briefly pared losses after the report. Fitch Ratings and S&P Global Ratings rate India at the lowest investment grade, while Moody’s Investors Service last year upgraded the sovereign to Baa2 from Baa3, the first increase since 2004. The yield on benchmark 10 year bonds dropped to as low as 7.34% soon after the Cogencis report from a high of 7.49%.

Source: Mint April 11, 2018 11:48 UTC