Coface upgrades Indian Rating - A significant achievement for Indian Exporters
Coface - a leader in export credit ratings, risk assessment, and insurance for receivables has upgraded India’s rating on payments to overseas trading partners. In view of the improving track record of Indian companies in making timely payments to overseas suppliers, the Coface rating of India has moved up to ‘A3’ grade as compared to the earlier level of ‘A4’ - according to Mr Francois David, chairman of Coface.
The medium-term rating for India has shifted to ‘low risk’ in view of the lower defaults in payments by Indian companies.
This is a significant achievement for Indian exporters as higher rating will infuse more confidence in overseas partners and may lead to more favourable terms.
It should be noted that upgraded ‘A3’ rating is on par with China and is far superior to Pakistan which is in the ‘D’ category that indicates ‘very high’ risk in the medium term. As a result, insurance for supplies to Pakistan would be higher compared to India.
December 4' 2004
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