Moody's stays firm on India rating report after Govt calls it 'opinion of Junior Analyst'

Zee Media Bureau

New Delhi: A day after the government dismissed a recent report quoted to Moody's Analytics, saying it was the personal opinion of a junior analyst which was passed off as a commentary on India, the rating agency backed its comment.

Responding to a querry made by the Indian Express Moody's said,  “The report was published by and is the view of Moody’s Analytics as part of its economic outlook series. The report included a section observing political developments in the context of their potential economic impact, and did not advocate any political agenda or perspective. Moody’s Analytics provides economic research and analysis and is a separate company from Moody’s Investors Service, the ratings agency.”

Yesterday the an official release said, "It is with regret the Government of India notes the irresponsible and distorted reporting by certain sections of the Indian media on what was the personal opinion of a Junior Associate Economist employed with Moody's Analytics," an official release said.

The Moody's report had on Friday said that Prime Minister Narendra Modi must keep BJP members in check or risk "losing domestic and global credibility".

The release said, "It is surprising that sections of the Indian media failed to make a distinction between Moody's Analytics which is merely a data and analytics firm and Moody's Investor Services, which provides ratings services.

"It is also surprising that no due diligence was done and the readers were not informed about the difference between Moody's Analytics and Moody's Investor Services.

"Opinion of a Junior Associate Economist employed with Moody's Analytics has been splashed all across implying it as the opinion of Moody's Analytics."

The report titled 'Dismal Scientist - India outlook: Searching for Potential' by its analyst Faraz Syed came on Friday in the name of Moody's Analytics.

The release said, "Government notes with distress that the personal opinion of a junior analyst was passed off as a commentary on India by a rating agency by the media to buttress the narrative it wants to portray."

With PTI Inputs