Fitch today affirmed its 'BBB-' rating, indicating investment grade, while withdrawing all of issue ratings assigned to the government's unsecured debt following recent regulatory changes by Sebi.
Fitch is withdrawing the ratings in view of recent changes effected by the Securities and Exchange Board of India (Sebi), the global credit rating agency said in a statement.
"Although, the rating agency will no longer maintain ratings on debt securities issued by the Indian sovereign, the agency will maintain India's Long-Term Foreign and Local Currency Issuer Default Ratings (IDR), Short-Term IDR, and Country Ceiling, which are unchanged," Fitch said.
The agency most recently reviewed India's sovereign ratings on April 9, and affirmed India's Long-Term Foreign and Local Currency IDRs at 'BBB-' with a stable 'Outlook'.
The country ceiling was affirmed at 'BBB-' and the Short-Term Foreign Currency IDR at 'F3'.
The affirmation of India's Long-Term Foreign and Local Currency IDRs balances the country's improved prospects for growth, inflation and external balances, against limited progress on the fiscal front, it added.
