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The key risk, says Fitch, "is if this private investment cycle does not materialise as a result of subdued consumption, which would weigh on job creation and dampen potential benefits from India's demographic dividend"
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The rating agency says continued policy stability, deepening economic reforms, high infrastructure investment, high growth, along with cautious fiscal and monetary policy could lead to a higher rating over the next 24 months
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Our credit rating is just investment grade; there is a case for an upgrade
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In an August 18 statement affirming its Baa3 rating on India, Moody's had made note of "the curtailment of civil society and political dissent" and "rising sectarian tensions" and even mentioned the ongoing unrest in Manipur
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The global ratings agency does not expect India to meet its target of reducing the fiscal deficit to 4.5 percent of GDP by 2025-26, although any slippage is unlikely to be meaningful, Moody's Senior Vice President Christian de Guzman told Moneycontrol in an interview
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The rating agency said the affirmation of India's rating and stable outlook was driven by its view that the economy is set to grow rapidly by international standards, although potential growth has declined in the last 7-10 years
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According to Jeremy Zook, Fitch’s primary rating analyst for India, India’s revenue growth may soon plateau and require fiscal consolidation to be supported by expenditure cuts
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Realistic budget projection, slow but steady fiscal consolidation and a still high growth trajectory will ensure that the debt burden comes off in the years ahead.
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The government aims to lower the budget gap to below 4.5 percent by FY26 from 6.4 percent in FY23. This roadmap does not contain targets for each of the years until FY26.
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The rating agency expects India’s current account deficit to widen to 3.4 percent of the GDP in FY23, nearly three times the FY22 level
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The comments from S&P come after it said earlier in August that the Indian economy can handle some erosion of its foreign exchange reserves as its external position is "very strong".
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High global commodity prices and capital outflows have put pressure on the Indian rupee's exchange rate and depleted the foreign exchange reserves. But the ratings agency does not think the Indian economy has any reason to worry.
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S&P Global Ratings maintained the lowest investment grade rating of 'BBB-' with a 'stable' outlook for India saying it wants to see more efforts to lower government debt to below 60 percent of GDP and that it did not expect revenues to rise enough to meaningfully lower the deficit over the medium term.
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Global rating agency Standard & Poor's (S&P) today affirmed 'BBB-' long-term issuer credit rating on India Infrastructure Finance Co Ltd (IIFCL).
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Art Woo, Director, Fitch Asia Sovereign Ratings says the rating agency acknowledges the moves by the Indian government to address the fiscal deficit problem.
Woo says there has been a structural shift in the economy, though it is early to judge the reform measures initiated by the government.
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Global ratings major Standard & Poor's, which has threatened to downgrade the country's sovereign rating to junk, today said it sees economic growth improving to 6.4 percent next fiscal.
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India's sovereign rating could be cut if the government loosens fiscal policy in the runup to elections due by 2014 or sees a prolonged slowdown in economic growth, ratings agency Fitch said on Monday.
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Global banking major Standard Chartered today said the possibility of a sovereign rating downgrade to the junk status is unlikely given the recent revival in sentiment.
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Takahira Ogawa, director of Sovereign Ratings tells CNBC-TV18 that it is too early to make ratings change based upon the finance minister’s Budget speech. “We will need to see actual implementation before any change can be done to ratings,” he says.
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Rating agency Standard & Poor's downgraded 34 Italian banks on Friday, including heavyweights UniCredit and Intesa Sanpaolo , citing a reduced ability to roll over their wholesale debt and expected weak profitability.
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Credit rating agency Moody's has reaffirmed India's sovereign rating at BAA3, but says that India's growth downturn is expected to persist for two quarters.
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Amid the controversy generated by downgrade of sovereign rating of the US by S&P, Minister of State for Planning Ashwani Kumar today said everything rating agencies say is not the "gospel truth" and India has remained an attractive investment destination despite a low grade.
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Standard and Poor's on Wednesday threatened to cut Japan's sovereign rating, warning that the huge cost of last month's devastating earthquake will hurt the country's already weak public finances without tax hikes.
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Moody's cut Ireland's sovereign rating by two notches to the verge of junk status on Friday and kept its outlook on negative, pushing the euro lower and adding to renewed pressure on the euro zone's weaker countries.
