efe-epaNew Delhi

Credit rating agency Moody's on Monday downgraded India's sovereign rating to Baa3 from Baa2, citing challenges that the Indian government could face in implementing policies to tackle a "sustained period of relatively low growth" and deteriorating fiscal condition.

The agency also maintained a negative outlook for the Indian economy, which was already witnessing a slowdown before being paralyzed by over two-months of a strict nationwide lockdown to contain the spread of the new coronavirus.