The severity of the current virus wave is making the main agencies, S&P, Moody’s and Fitch agitated 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 most populous country has long been an anomaly. The median debt level for countries Fitch has in the BBB bracket – India is BBB- – and on a downgrade warning with both Fitch and Moody’s –...