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India may face more than 'minimal' impact of slowdown: S&P

India along with Thailand and Vietnam could be more impacted by the global slowdown in terms of credit rating compared to other Asian nations, said an S&P report.

business Updated: May 14, 2009 18:39 IST

India along with Thailand and Vietnam could be more impacted by the global slowdown in terms of credit rating compared to other Asian nations, said an S&P report.

Citing possibilities of the impact of the global slowdown on the financial health of the Asian economies, the agency in a report on Thursday has said that these economies could recover sometime in 2010 after steep declines in many of them.

"In this scenario, the negative impact on sovereign credit ratings would be minimal, with the possible exceptions of those currently with a negative outlook---Thailand, Vietnam and India," said Standard & Poor's analyst Kim Eng Tan in a report.

Meanwhile, another scenario, however, speaks of an extended recession, in which most of Asia, possibly including India, and would drag the countries through four consecutive years of contraction.