S&P reaffirms India's sovereign rating at BBB- with a stable outlook

S&P's reiteration of India's rating and outlook is good news for the government as it fights multiple fires on the economic front

The Union finance ministry on Tuesday said global ratings agency Standard and Poor’s (S&P) had reaffirmed its sovereign credit rating of India at BBB- and maintained its outlook at “stable”. This comes less than a month after Moody’s downgraded India’s outlook to “negative” from “stable”. 

However, at the time of writing, a representative of CRISIL, S&P’s Indian subsidiary, confirmed that while a research note on India’s sovereign ratings was expected, it had not been released as yet. 

The representative could not confirm whether the report would be released on Tuesday or Wednesday (Indian time).

A senior government official told Business