S&P retains India's rating at BBB-minus with stable outlook
25 Novembre, 2017, 01:08 | Auteur: Auguste Feret
It shows that economy is strong and is improving further.
S&P added it would need to see more evidence that government reforms would "markedly improve" the government's finances and reduce its net general government debt to justify an upgrade - reiterating language it had used in affirming India's rating late past year. "We are affirming our "BBB-' long-term and 'A-3" short-term sovereign credit ratings on India", the agency said.
Standard & Poor's on Friday kept its sovereign rating for India unchanged at "BBB-minus" with "stable" outlook saying vulnerabilities stemming from low per capita income and high government debt balance strong GDP growth.
Economic Affairs Secretary Subhash Chandra Garg said S&P choose to pay cautious and hoped that the reforms will reflect in a ratings upgrade next year. The rating, however, remained unchanged at BBB-. Upward pressure on the ratings could build if the government's reforms markedly improve its net general government fiscal out-turns and so reduce the level of net general government debt.
It lauded India's fiscal consolidation drive.
"In some sense, they gauged the mood of India". "Upward pressure could also build if India's external accounts strengthen significantly", it said.
It said its stable outlook for India reflects its sound external account position. "India's strong democratic institutions and its free press promote policy stability and compromise, and also underpin the ratings", it said.
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The report said that the demonetisation and the roll-out of the GST may have led to some quarterly cooling off but observed that the medium term outlook for growth in the country is favourable, Sitharaman noted.
In August 2006 Fitch Ratings upgraded India to investment grade at "BBB-', with a stable outlook, from BB+".
Also, that despite two quarters of weaker-than-expected growth, the economy was forecast to grow robustly in 2018-2020 and foreign exchange reserves to continue rising.
In her concluding statement, she said, "After World bank's recognition of India's reforms in improving ease of doing business and Moody's upgradation for India's sovereign credit ratings".
Narendra Modi's BJP is fighting a tough election in his home state Gujarat and Greed and Fear Report author Chris Wood of CLSA on Friday said should the BJP fail to win this election, it might be the Waterloo for the Prime Minister.
The decision contrasts with Moody's Investors Service's decision on November 17 to upgrade India's credit rating to "Baa2" from "Baa3", one notch higher than S&P's current rating, citing progress on economic and institutional reforms. "This is based upon private consumption, ambitious public infrastructure investment program and a bank restructuring plan that will help investments", she added.
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