India’s devastating Covid-19 crisis is making investors question more than ever whether after years of debt accumulation and patchy progress on reforms, a country touted as a future economic superpower still deserves its ‘investment grade’ status. A spate of downgrades last year had already left India’s investment grade credit ratings hanging by a thread and the severity of the current virus wave is making the main agencies, S&P, Moody’s and Fitch agitated again. All three firms have either cut – or warned they could cut – the country’s growth forecasts in recent weeks and that government debt as a share of GDP will jump to a record 90% this year. In that respect though, the world’s second
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