<h1>Moody's Boosts India's Credit Rating to Investment Grade, Citing Fiscal Reforms and Economic Growth Since 1998 's.</h1> Moody's Investor Services upgraded India's sovereign credit ratings on December 20, 2011, enhancing long-term government bonds and foreign currency bank deposits from speculative to investment grade (Baa3). The short-term government bonds and foreign currency bank deposits were also elevated from Not Prime to P-3, marking the first upgrade since 1998. Moody's acknowledged India's fiscal consolidation efforts, including subsidy reforms and tax simplification. This upgrade follows Dominion Bond Rating Service's positive action in June 2011 and Fitch's affirmation of India's strong economic growth prospects. India's debt is assessed by six international credit rating agencies, which regularly engage with India's Ministry of Finance and Reserve Bank.