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    Moody's downgrades India's sovereign rating to 'Baa3', maintains negative outlook

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    Moody's downgraded India's ratings to Baa3 from Baa2 on Monday, saying that the country's policymaking institutions will be challenged to mitigate the risks of a prolonged period of slower growth, rising debt and stress in the financial sector. The ratings cut was not driven by the impact of the COVID-19 pandemic but amplifies vulnerabilities in India's credit profile that were present and building prior to the shock, the agency added.

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