S&P upgrades India

The rating upgrade of India to investment grade by Standard & Poor's seems to confirm what market participants have already factored in.

Standard PoorÆs upgraded IndiaÆs debt for the first time in more than a decade to investment grade. It should have been a historic moment for the country but unfortunately no champagne corks were popped on trading floors across domestic markets as Tuesday was a holiday in many offices in India on account of Muharram. But even if offices had been open, it might well have been business as usual as bankers felt SP's move was almost a foregone conclusion....

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