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S&P rules out upgrade for India
20
Oct '15
Ratings agency Standard and Poor's has ruled out any upgrade for India, but said improvement in policymaking have improved the country's prospect for economic and fiscal performance.

The agency retained India's rating at BBB- with stable outlook and expected the country's economic growth would average about 8 per cent during 2015-18 period. "We are affirming our BBB- long-term and A-3 short-term sovereign credit ratings on India," S&P said in a statement.

BBB is the lowest investment grade rating and stable outlook reduces risk of possible sovereign rating downgrade.

The stable outlook balances India's sound external position and inclusive policymaking traditions against the vulnerabilities stemming from its low per capita income and weak public finances, it said.

"The outlook indicates that we do not expect to change our rating on India this year or next based on our current set of forecasts," the statement said.

The agency also cautioned that downward pressure on the ratings could reemerge if, "contrary to our expectations, the new monetary council is not effective in achieving its targets, or if the external liquidity position of the nation deteriorates more than we currently expect".

However, it added upward pressure on the ratings could build if the governments reforms markedly improve its general government fiscal outturns and with them the level of net general government debt so that it falls below 60 per cent of GDP.

"Stable outlook indicates that we do not believe India's public finances will improve sufficiently this year or the next to warrant an upgrade, nor that its economic, external, or monetary profiles will slip enough to prompt a downgrade," the agency said. (SH)

 

Fibre2Fashion News Desk – India

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