S&P: India ratings affirmed at 'BBB-/A-3'; outlook stable

S&P Global Ratings has announced that it affirmed India's rating at 'BBB-/A-3' and noted the outlook is stable, per Reuters.

"India's stable outlook reflects the view that India's growth will stabilize and begin to recover from its current low ebb," S&P said. "India's fiscal deficits will remain broadly in line with our forecasts over the next two years."

The USD/INR pair edged lower in the last hour and was last seen trading at 71.333, adding 0.06% on the day.

Key takeaways

"India's economy to continue to outperform peers at a similar level of income, despite a recent slowdown in real GDP growth."

"India's ratings reflect the country's above-average real GDP growth, sound external profile, and evolving monetary settings."

"India is experiencing a cyclical, rather than a structural, economic slowdown."