S&P Global Rating today kept India's sovereign rating unchanged at 'BBB-' with stable outlook saying vulnerabilities stemming from low per capita income and high government debt balances strong GDP growth.
The rating stance taken by S&P comes days after Moody's Investors Service raised India's sovereign rating for the first time in over 13 years, saying that growth prospects have improved with continued economic and institutional reforms.
"The ratings on India reflect the country's strong GDP growth, sound external profile, and improving monetary credibility. India's strong democratic institutions and its free press promote policy stability and compromise, and also underpin the ratings.
"These strengths are balanced against vulnerabilities stemming from the country's low per capita income and relatively high general government debt stock," it said in a statement.
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