The Narendra Modi government was expecting an ratings upgrade from S&P from following one by Moody’s Investors Service last week. Photo: ReutersNew Delhi: Credit rating agency Standard and Poor’s (S&P) on Friday kept its India rating unchanged at the lowest investment grade of BBB–, with a stable outlook, citing a sizeable fiscal deficit, high general government debt and low per capita income. S&P last upgraded India’s sovereign rating to BBB– from BB+ in January 2007. Economic affairs secretary Subhash Chandra Garg said S&P had exercised caution though it had views similar to Moody’s on the Indian economy. I don’t see their focus on fiscal deficit of states to be sound.

Source: Mint November 24, 2017 12:12 UTC