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(Bloomberg) -- Private-sector Indian companies have fared well in the bond market this week despite a sovereign rating downgrade by Moody’s Investors Service, as investors focus more on early signs of some improvement in the economy.

Spreads on the firms’ U.S. currency notes dropped 5.7 basis points compared with last week, according to DBS Bank Ltd. data, even after Moody’s cut India’s rating to the lowest investment grade with a negative outlook on Monday.