Daily Archives: February 27, 2015

S&P Teleconference : Implication of India Union Budget 2015-16



Monday, March 2, 2015


India 10.00 a.m.
11.30 a.m.
Hong Kong/
12.30 p.m.
12.30 p.m.
South Korea
1.30 p.m.
Australia 3.30 p.m.

International Toll-free Numbers:

India 1800 3000 1441/
1800 209 1441
Thailand 001 8001 424 3444
Hong Kong 800 964 448
China 40 0603 9023
Singapore 800 101 2045
Philippines 1 800 1391 0020
Japan 0053 116 1110
South Korea (001, 002 & 008)
Australia 1 800 053 698

Please join us for a teleconference and Q&A next Monday, 2 March 2015following the announcement of the India Union Budget 2015-2016 proposals.

This teleconference is provided on a complimentary basis.
Register now to receive the link to view slides.

CRISIL and Standard & Poor’s ratings analysts will discuss the following topics:

  • Is the government aggressively pursuing the reforms agenda?
  • Are concrete steps to be taken to spur investments and economic growth?
  • What are the implications for Indian industries, macroeconomic outlook and the sovereign rating?


  • Ritesh Maheshwari, Managing Director and Lead Analytical Manager, Financial Services Ratings, Asia-Pacific, Standard & Poor’s Ratings Services
  • Dharmakirti Joshi, Chief Economist, CRISIL
  • Prasad Koparkar, Senior Director, Industry and Customised Research, CRISIL
  • Kim Eng Tan, Senior Director, Asia-Pacific Sovereign Ratings, Standard & Poor’s Ratings Services

Based in India, CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. It is majority-owned by Standard & Poor’s, a part of McGraw Hill Financial and the world’s foremost provider of credit ratings.

About Standard & Poor’s:
Standard & Poor’s Ratings Services, part of McGraw Hill Financial (NYSE: MHFI), is the world’s leading provider of independent credit risk research and benchmarks. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,400 credit analysts in 25 countries, and more than 150 years’ experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information and independent benchmarks that help to support the growth of transparent, liquid debt markets worldwide.

Global dollar credit: links to US monetary policy and leverage

Banks and bond investors have extended $9 trillion of US dollar credit to non-bank borrowers outside the United States. This has relevance for the discussion of global liquidity and global monetary policy transmission. This paper contributes to this policy discussion by analysing the links between US monetary policy, including unconventional monetary policy, leverage and flows into bond funds, on the one hand, and dollar credit extended to non-US borrowers, on the other. We find that prior to the crisis, banks drew on low funding rates and low-cost leverage to extend dollar credit to non-US orrowers. After the Federal Reserve announced its large-scale bond purchases in 2008, however, bond investors responded to compressed long-term rates by buying dollar bonds from non-US borrowers. The balance of dollar credit transmission has shifted from global banks to global bond investors.


Download the paper