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Sovereign rating cap will encumber India’s corporate bond market
May 09, 2012
India’s minister of finance Pranab Mukherjee announced in March that he plans to open India’s corporate market to qualified foreign investors. But low corporate ratings, hindered by the sovereign cap, could deter inflows.
India’s sovereign rating benchmark is likely to deter qualified foreign investors (QFIs) from taking advantage of a new government initiative to open up the country’s corporate bond market. Corporations are limited to ratings that reflect the transfer and conversion (T&C)...
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