Moody's move will only affect resource mobilisation through the debt route and not fund-raising through the equity route, Ficci said. However, Ficci said it is time to send clear signals for attracting foreign equity into the country.

Only a few companies that do not have a separate analysis wing will take the ratings seriously and decide their investment decisions, the chamber said in a statement. Large corporations having their own analysis will take their own investment decisions based on well researched policy parameters and will not get swayed by these ratings, it added.

Ficci also took a dig at rating agencies for their failure to predict the south-east Asian meltdown last year, saying thisdiscounts credibility of such ratings. The opening up of the hydro carbon sector and changes that brought out in the insurance sector should attract more foreign investors into the country, Ficci added.

Ficci said with lowering of the rating, interest rates on foreign borrowings may go up marginally. At the same time, one has to keep in mind that India's debt ratio to the GDP is at comfortable levels as also the debt servicing ratio.

This will go a long way in cushioning the impact of the downgrading, Ficci said. The chamber said India's growing importance as an emerging economic super power is well recognised and appreciated.