It pointed to weakness in fiscal consolidation and the "difficult but improving" business environment
The agency has also affirmed the company's senior unsecured rating and the rating on its senior unsecured notes at 'BB'
Recent falsification by provincial governments may highlight shortcomings in the auditing process
The GDP recovered to 6.3 per cent in the September quarter from a six-quarter-low of 5.7 per cent in the preceding June quarter
The agency said has had a negative sector outlook on the country's banks for many years.
Subdued demand growth, consistent capacity additions and better networks is leading to this surplus
Weak public finances constrain ratingsABHIJIT LELEGlobal rating agency Fitch Ratings has affirmed India's Long-Term Foreign- and Local-Currency rating at 'BBB-'. The Outlook on ratings is stable.India's sovereign ratings balance a strong medium-term growth outlook and favorable external balances with a weak fiscal position and difficult business environment, Fitch said in a statement today.However, the business environment is likely to gradually improve with the implementation and continued broadening of the government's structural reform agenda.India's positive economic growth outlook stands out among peers. Real Gross Domestic Product (GDP) growth averaged 6.9 per cent over the five years to End-March 2017 (FY17), considerably higher than the 'BBB' range median of 3.2 per cent.Fitch forecasts India's real GDP growth to accelerate to 7.7% in FY17 and FY18, from 7.1% in FY16.The agency expects structural reforms to increase growth. The higher real disposable income supported by the ...
Forecasts real GDP growth to accelerate to 7.7% in FY17 and FY18, from 7.1% in FY16; stable outlook
Distributable reserves at small-to-mid-sized state banks were down by one-third in this fiscal
There seems to be a change in the equations between the global rating agencies and the government
Fitch cited worsening liquidity situation and curbing of operations of the company as the reason
however, Rating agency flags concerns over weak fiscal position and yet difficult business environment
The agency has affirmed long-term ratings of nine banks at 'BBB-'
Officials cited improvement in macroeconomic conditions and the government's commitment to fiscal consolidation