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Fitch affirms BBB-rating for India
Fitch affirms BBB-rating for India
Fitch on Tuesday affirmed India’s sovereign rating at ‘BBB-‘ with a stable outlook, on robust growth and resilient external finances, but said weak public finances remain a challenge
New Delhi: Fitch on Tuesday affirmed India’s sovereign rating at ‘BBB-‘ with a stable outlook, on robust growth and resilient external finances, but said weak public finances remain a challenge. India’s rating has been unchanged at ‘BBB-’, which is the lowest investment grade, since August 2006. “Fitch Ratings has affirmed India’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-’ with a Stable Outlook,” it said in a statement, adding strong growth potential is a key supporting factor for the sovereign rating.
It forecasts India to be one of the fastest-growing sovereigns globally clocking six per cent growth in the current fiscal (April 2023-March 2024) supported by resilient investment prospects. The agency estimates growth in the 2022-23 fiscal at 7 per cent and 6.7 per cent in 2024-25.
“India’s rating reflects strengths from a robust growth outlook compared with peers and resilient external finances, which have supported India in navigating the large external shocks over the past year. These are offset by India’s weak public finances, illustrated by high deficits and debt relative to peers, as well as lagging structural indicators, including World Bank governance indicators and GDP per capita,” Fitch said. All the three global rating agency -- Fitch, S&P and Moody’s -- have the lowest investment grade rating on India, with a stable outlook. The ratings are looked at by investors as a barometer of a country’s credit worthiness and impacts borrowing cost.
On the domestic equity market front, benchmark indices extended their winning run on Tuesday morning. The 30-share BSE Sensex climbed 226.54 points to 61,990.79 in early trade.
