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Rains can't batter Kerala's growth! S&P assigns 'BB' rating to state govt

Kerala economy has been hit hard by floods and devastation caused by heavy rains during current monsoon season

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Global rating agency Standard and Poor's has assigned long-term rating "BB" to the state of Kerala, first such rating by a rating agency to the state government in India.

The short term rating rating is placed at "B". Outlook is stable for both ratings.

S&P in a statement said ratings on Kerala reflect the Indian state's weak budgetary and debt metrics driven by its large spending on socio-economic welfare to support a low-income economy.

The economy has been been hit hard by floods and devastation caused by heavy rains during current monsoon season.

The state's internal liquidity position is very

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