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India's rating unlikely to be downgraded: Finance Ministry

The Finance Ministry said today that India's credit-worthiness is unlikely to be downgraded due to the country's high fiscal deficit. "I don't expect any downgrade in rating ... If the demands are not met then there would be problem," a senior Finance Ministry official said.

business Updated: Jul 16, 2009 17:35 IST

The Finance Ministry on Thursday said that India's credit-worthiness is unlikely to be downgraded due to the country's high fiscal deficit.

"I don't expect any downgrade in rating ... If the demands are not met then there would be problem," a senior finance ministry official told PTI on the sidelines of a CII seminar.

The ministry will be meeting all the agencies that rate India, including Moody's, in the second week of August to discuss the fiscal situation.

"Normally we meet after the Budget, this time we will meet in the second week of August to discuss the fiscal situation," he said.

On Wednesday, the Finance Minister expressed concern about the high fiscal deficit of about 6.8 per cent this year. He said some international rating agencies -- S&P, Moody's and others -- can think of downgrading India.

"(Given) this high level of fiscal deficit, some international rating agencies -- S&P, Moody's and others --can think of downgrading the rating, but the question is what would be the first priority of an Indian Finance Minister --to take care of the Indian poor or satisfy the requirements of a rating agency?" Finance Minister Pranab Mukherjee had said in the Rajya Sabha.