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S&P reaffirms India’s BBB rating, retains outlook at ‘stable’

IANS
Updated: December 3rd, 2019, 21:03 IST
in Business, Top Stories
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New Delhi: Economic Affairs Secretary Atanu Chakraborty Tuesday said that S&P has reaffirmed sovereign rating of India at BBB- with a stable outlook.

In a series of tweets, he said: “…They have stated that India’s economy continues to achieve impressive long-term growth rates despite a recent deceleration..

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“S&P expects the Indian economy to continue to out-perform its peers and that the growth will remain strong over the next 2 years.”

Last month, Moody’s cut India credit rating outlook to negative, citing a host of problems from a worsening shadow banking crunch and a prolonged slowdown in the economy to rising public debt.

The sharp slowdown in growth and a surprise corporate tax rate cut is expected to put government finances under added pressure this year.

S&P maintained its outlook on India despite 4.5 per cent GDP growth in Q2, the lowest in last six years.

(IANS)

Tags: Atanu ChakrabortyEconomic AffairsSP
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