S&P Keeps India's Rating Unchanged

(RTTNews) - Standard & Poor's on Friday maintained sovereign ratings of India with a 'stable' outlook.

The credit rating was kept unchanged at 'BBB-', which was the lowest investment grade. The ratings on India reflect the country's strong GDP growth, sound external profile, and improving monetary credibility, the agency said.

Nonetheless, sizable fiscal deficits, a high general government debt burden and low per capita income detract from the sovereign credit profile, S&P said. The agency last raised the ratings on India to 'BBB-' in January 2007.

Moody's Investors Service last week raised India's sovereign ratings citing economic and institutional reforms. This was the first upgrade since 2004.