S&P speaks high of India
Global credit ratings major Standard & Poor’s (S&P) on Tuesday upgraded India’s long-term government credit rating to ‘investment grade’. India, only the 13th country to claw back from non-investment to investment grade, is now back on the global credit map after a gap of nearly 15 years.
With rival ratings agency Fitch having already announced a rating upgrade, only Moody’s, among all major international rating agencies, is yet to buy into the India growth story. “This reflects India’s strong prospects, external balance sheet and its deep capital market, which supports a weak, but improving, fiscal position,” S&P stated.
“India’s economic prospects remain strong, with GDP trend growth likely to average more than 7.5 per cent in the medium term,” added Ping Chew, S&P’s primary credit analyst.