Friday, October 23, 1998
S&P downgrades India rating
Standard & Poor's, the leading global credit rating agency, on Thursday lowered the country's long-term foreign-currency sovereign credit-rating to `BB' from `BB-plus' and its long-term local currency sovereign credit-rating to `BBB' from `BBB-plus'. However, the short-term foreign currency rating of `B' was affirmed.
Group of Ministers want foreign equity in insurance sector
In a move which is certain to give strong signals to foreign investors, the Group of Ministers has recommended that foreign companies be allowed a stake of 26% in the Indian insurance companies. While there was no official confirmation, the Group of Ministers has reportedly decided to make this recommendation to the Cabinet.
Govt drops Concor GDR issue
The government has decided against disinvesting Container Corporation of India (Concor) shares in the international market through a GDR issue, Yashwant Sinha, union finance minister said on Thursday. The offering will be confined to a domestic issue, he said.