It is against this backdrop that the Moody's, a global rating agency, has recently changed the outlook for Indian non-financial corporate to stable from negative, endorsing the solid and valid conviction that "India's economic recovery, enhanced access to capital markets and successful implementation of pro-market policies will lead to improved corporate cash flows and be broadly supportive of business growth" in the words of a Moody's Vice President and Senior Credit Officer Mr. Vikas Halan. According to the rating agency, India's improved external vulnerability should also reduce foreign-exchange risk for Indian corporate, despite gradual interest rate normalization by the US Federal Reserve as it unwound its unconventional monetary policy recently.