Friday, October 23, 1998
Standard & Poor's downgrades India's sovereign rating by one notch to BB
Standard & Poor's on Thursday lowered India's long-term foreign- currency sovereign credit-rating to BB from BB-plus and its long-term local- currency sovereign credit-rating to BBB from BBB-plus. At the same time, S&P assigned its A-3 short-term local-currency rating to the country. The outlook on the long-term rating was changed to stable from negative.
UTI stalls plan to sell HPCL stake abroad
The Unit Trust of India (UTI) has decided to put on hold a proposal to offload its entire holding in Hindustan Petroleum Corporation Ltd (HPCL) through an international offering. The idea, believed to be the brainchild of a top investment banker, was mooted a year ago and would have been the first case of a secondary offer of sale being made through the GDR route.
Analysts pick holes in centre move on PAN
The central government's directive seeking mandatory quoting of permanent account number (PAN) on transactions including property purchase, opening bank accounts, fixed deposits in banks and postal department and vehicle purchases, is likely to open a pandora's box.
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