Saturday, June 20, 1998
Moody's downgrades India by two notches
Quick on the heels of the announcement of US economic sanctions, international rating agency, Moody's Investors Service on Friday lowered India's foreign currency country ceiling for long-term debt and notes by two notches to Ba2 from Baa3. The foreign currency country ceiling for short-term debt has been downgraded to Not-Prime from Prime-3. Moody's also lowered the long-term foreign currency deposit ceiling to Ba3 from Ba1.
25 wedding guests shot dead at Doda
In one of the worst massacres, militants struck in Doda yesterday, killing 25 members -- all men -- of two marriage parties, belonging to the minority community, and critically injuring six. Though no militant outfit has so far claimed responsibility, Director General of Police Gurbachan Jagat said the killers were members of the Riaz Babbar group of the Hizbul Mujahideen.
India signs missile deal with Russia
India and Russia have reached an agreement on the much-expected Russian sale of six 9K81 S-300V mobile air defence systems to India for deployment at front and army level. The deal was clinched by the visiting high-level defence delegation, led by Defence Secretary Ajit Kumar after several rounds of "meticulous negotiations" with the Russians.
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