If you've been feeling particularly moody about the dismal showings at the stock market, perk up.

Global agency Moody's today upgraded India's short-term foreign currency rating from speculative to investment grade, a development which will help
domestic companies to raise funds from overseas markets at better rates.     

"... there has been another upgrade by Moody's with the short-term country ceiling on foreign currency bank deposit increasing from NP (not prime) to Prime (P-3), suggesting acceptable ability to repay short-term obligations," the
Finance Ministry said. The 'P-3' ratings suggest acceptable ability to repay
short-term obligations.   

The latest upgrade comes less than a month after Moody's had upgraded the credit rating of Indian government's bonds from speculative to investment grade, a move that was expected to encourage FIIs to increase their exposure in gilts and help companies raise funds from abroad at competitive rates.