Why did Moody's downgrade India's rating for the first time in 22 years?

Moody's downgraded India's credit rating for the first time in 22 years citing a prolonged slowdown, rising debt and "persistent stress" in parts of the financial system. The agency said India's policymakers "will be challenged to mitigate and contain" these problems. The rating cut wasn't driven by Covid-19 but the pandemic "amplified" existing vulnerabilities in India's credit profile, it added.