NEW DELHI: S&P Global Ratings on Thursday affirmed India’s sovereign rating at BBB- with a stable outlook, saying solid economic fundamentals would support growth over the next two to three years.
The long-term rating’s stable outlook reflects S&P’s view that India’s strong economy and healthy revenue growth will support its weak fiscal configuration.
“S&P Global Ratings affirmed its unsolicited foreign and local currency foreign and local currency long-term unsolicited credit ratings of India at ‘BBB-‘ and short-term at ‘A-3’. The outlook for the long-term rating is stable,” the U.S.-based agency said in a statement.
“BBB-” is the lowest investment grade rating.
“India’s economy is performing well despite challenging global conditions. We expect solid fundamentals to support growth over the next two to three years,” S&P said.
The government is likely to maintain high budget deficits and high debt levels despite ongoing consolidation efforts, she added.
Earlier this month, another global rating agency, Fitch, affirmed India’s sovereign rating at BBB- with a stable outlook, citing robust growth and robust external finances.
The long-term rating’s stable outlook reflects S&P’s view that India’s strong economy and healthy revenue growth will support its weak fiscal configuration.
“S&P Global Ratings affirmed its unsolicited foreign and local currency foreign and local currency long-term unsolicited credit ratings of India at ‘BBB-‘ and short-term at ‘A-3’. The outlook for the long-term rating is stable,” the U.S.-based agency said in a statement.
“BBB-” is the lowest investment grade rating.
“India’s economy is performing well despite challenging global conditions. We expect solid fundamentals to support growth over the next two to three years,” S&P said.
The government is likely to maintain high budget deficits and high debt levels despite ongoing consolidation efforts, she added.
Earlier this month, another global rating agency, Fitch, affirmed India’s sovereign rating at BBB- with a stable outlook, citing robust growth and robust external finances.
