TCS, Infosys & Other Companies Rated As Strong Financial Firms Amid COVID-19 Crisis: Read How? 

Amid the deadly coronavirus outbreak and crisis, global rating agency - Moody has rated Tata Consultancy Services (TCS), Infosys and Reliance Industries (RIL) above the sovereign. They have also cited them as strong financials and significant global earnings.

Taking a look into the stats, TCS and Infosys, have been rated two notches above India's Baa3 rating due to their global operations and minimal reliance on domestic funding. While, Reliance Industries has been rated one notch above India's sovereign rating due to diversified business and balanced funding. 

As per Business Today report, earlier last month, Moody's Investors Service had downgraded India's sovereign rating by one notch to Baa3 from Baa2. They cited that there will be challenges in implementation of policies of a sustained period of low growth, deteriorating fiscal position and stress in the financial sector. 

Meanwhile, the global rating agency had lowered TCS rating to Baa1 negative from A3 negative in wake of downgrade of India's sovereign rating. While, Infosys' rating to Baa1 negative from A3 negative, which is unlikely to be upgraded unless India's rating is upgraded. 

Looking at the stats of the last 11 weeks, RIL has raised a total of Rs 1,17,588.45 crore by selling minority stakes in Jio Platforms to Facebook as well as private equity firms such as General Atlantic, Vista Equity, Silver Lake, and KKR.