“We have asked S&P for a rating upgrade citing macro economic stability of the country,” the official said.
In its report titled 'The Worst Is Almost Over For India's Banks', S&P said the ratings on the banks are "more likely to be raised than lowered" in the next 2 years. But, weak risk management and internal-control practices limit the potential for considerable upside, it said.
"India's infrastructure deficit is simply too large to eliminate any time soon. Infrastructure takes time to build, and perhaps more so in India than for many other countries," S&P Global Ratings credit analyst Abhishek Dangra said.
Babbar stressed that the final decision on the alliance wit SP will be taken by the party high command which will be acceptable to party workers in the state and across the country.
Rajbhar told reporters that his will remain an ally of the ruling Bharatiya Janata Party up to 2024
Akhilesh said his party was open to compromising and contesting from select seats if that is what it takes to win against the BJP in the Lok Sabha elections next year
The former Uttar Pradesh chief minister's remark come amid reports that the Mayawati-led Bahujan Samaj Party (BSP) is demanding 40 out of the total 80 seats in the state for the next year general elections.
"While recent announcements are net negative for bank results, we believe that rating downgrades are unlikely. This is because our expectations for fiscal 2018 were already low for most banks," S&P Global Ratings Credit Analyst Michael Puli said.
Mayawati was apparently referring to Arjit Shashwat, son of Union minister of state Ashwini Kumar Choubey who was recently booked for allegedly inciting communal passion by taking out an ‘unauthourised' procession in Bhagalpur town.
Mayawati alleged the BJP tried to create a rift between the two parties (SP and BSP) by indulging in malpractices to defeat her party candidate.
The BSP too has given indications that it remains positive about the new-found understanding between the two parties.
Uttar Pradesh has a total of 404 Assembly seats (including a nominated member). Out of these, the BJP has 311 MLAs.
The recent Rs 13,000-crore fraud at the Punjab National Bank (PNB) highlights the inherent weaknesses in the governance and transparency standards in the Indian banking system, especially among public sector banks, it said.
"Posing a greater threat is the risk of retaliatory action by major US trade partners such as the European Union (EU) and China triggering a trade war, hurting American exporters, global trade, and global economic growth," S&P said.
The Dow Jones Industrial Average opened almost another 2 percent lower on Tuesday after two days of heavy losses that have undermined faith in the U.S. stock market's almost decade-long rally.
The government called S&P a 'conservative' rating agency which has decided to play 'cautious'.
The US-based Moody's today upgraded India's sovereign rating after 13 years to Baa2 with a stable outlook, from Baa3 earlier.
The government plans to infuse capital totalling Rs 2.11 lakh crore (USD 32.4 billion) into the banks. That's much larger than its previous infusions over the past few years.
Investors have been anxious to hear who President Donald Trump will pick as the nominee. A decision like Powell would likely be a continuation of the current stock market-friendly monetary policy that has helped fuel the market's more than eight-year bull run.
The benchmark Nikkei 225 index was flat in early trade after posting gains for the 11th straight session on Tuesday. Most automakers recorded losses while tech stocks were mixed: Mitsubishi Motor was down 1.43 percent, Nissan slid 0.51 percent and SoftBank Group declined 0.32 percent.
A look at top cues from the domestic and international markets that could have a bearing on D-Street today.
As many as 20 indices, including those for energy and finance, would be rejigged.
In Australia, the benchmark S&P/ASX 200 index was higher by 0.26 percent, driven by strong showings in its materials sub-index, which was up 1.57 percent.
Crude prices settled about 4 percent lower, ending their longest bull run in more than five years, hurt by a stronger dollar and concerns about rising OPEC exports.
The firm stripped Britain of its coveted triple-A rating after the Brexit vote last June, downgrading it by two notches to AA and assigning a negative outlook.