MUMBAI: Ratings agency Standard & Poor's on Wednesday cut India's outlook to negative from stable, citing its large fiscal deficit and expectations of only modest progress on reforms given political constraints, battering stocks, bonds and the rupee.
The lowered outlook jeopardises India's long-term rating of BBB-, which is the lowest investment grade rating.
"The outlook revision reflects our view of at least a one-in-three likelihood of a downgrade if the external position continues to deteriorate, growth prospects diminish, or progress on fiscal reforms remains slow in a weakened political setting," S&P credit analyst Takahira Ogawa said in a note.
Wednesday, Jun 19th | Last update09:54:46 AM GMT
Norwegian
The Oslo Times welcomes your comments and invites you to discuss topics with other readers. Your comment will be posted automatically to enable a live discussion.
Your feedback is important to us and The Oslo Times would be glad receive your suggestions and opinions on your favorite sections. So, please take a minute and help us improve and grow it by filling our feedback box.