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Moody's says no review of India's rating

Global rating agency Moody's Investors Service said on Wednesday that it was not reviewing India's rating or outlook.

"As of today, India is not under any formal review," David M Moniz, managing director of Global Ratings and Research of Moody's, said on the sidelines of a news conference.

"We normally take a long-term view," he added without elaborating.

Moody's currently has a speculative grade Ba2 rating on India with a positive outlook.

That outlook was last changed in October 1999 from stable.

Growth in the Indian economy has slowed over the past few years, falling to 5.2 per cent in 2000-01 from the previous two year's growth of 6.4 per cent and 6.6 per cent.

Industry grew at a mere 1.9 per cent in May compared to 6.0 per cent a year earlier.

Financial markets were mostly quiet on Wednesday after leaders of the ruling coalition reaffirmed their faith in Prime Minister Atal Bihari Vajpayee - a day after he threatened to step down.

Vajpayee's offer was triggered by bickering within the fractious coalition and angry opposition lawmakers in Parliament who are unhappy over his government's handling of a crisis at the country's largest mutual fund manager, Unit Trust of India.

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