S&P reaffirms India's stable outlook: DEA Secretary

S&P reaffirms India's stable outlook: DEA Secretary

Published03 Dec 2019, 02:52 PM IST
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New Delhi, Dec 3 (IANS) Economic Affairs Secretary Atanu Chakraborty on Tuesday said that S&P has reaffirmed sovereign rating of India at BBB- with a stable outlook.
In a series of tweets, he said: "...They have stated that India's economy continues to achieve impressive long-term growth rates despite a recent deceleration..
"S&P expects the Indian economy to continue to out-perform its peers and that the growth will remain strong over the next 2 years."
Last month, Moody's cut India credit rating outlook to negative, citing a host of problems from a worsening shadow banking crunch and a prolonged slowdown in the economy to rising public debt.
The sharp slowdown in growth and a surprise corporate tax rate cut is expected to put government finances under added pressure this year.
S&P maintained its outlook on India despite 4.5 per cent GDP growth in Q2, the lowest in last six years.
--IANS
ana/sn/vd

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