In September, Moody's, another ratings agency had said that a ratings upgrade for India would not be possible before the next couple of years. This was just ahead of the agency's representatives meeting finance ministry officials. Policymakers were miffed at Moody's making such statements even before meeting them and Das told the representatives that he had serious concerns regarding the agency's methodology. He told them that, under the circumstances, the meeting was "completely irrelevant and superfluous". S&P said the upward pressure on credit ratings could emerge if the government reforms improve India's fiscal performance and pushes down the level of net general government debt below 60 per cent of the GDP. Currently, government debt amounts to about 69 per cent of the GDP. Downward pressure on the ratings could re-emerge if growth disappoints as a result of stalling reforms or if interest rate-setting monetary policy committee does not achieve inflation targets.