Fitch Rating (Representational Image) Fitch Rating (Representational Image)Despite a continued pitch from the government and corporates for an upgrade, global rating agency Fitch Ratings has kept its sovereign rating on India unchanged, citing weak public finances. In its latest rating review, Fitch acknowledged India’s strong growth and recent economic reforms but maintained that the state of the government’s finances do not justify an upgrade. Fitch affirmed India’s sovereign rating at BBB-, the lowest investment grade rating. The outlook on India’s rating remains stable, with the agency saying that upside and downside risks to the sovereign rating are broadly balanced. “India’s sovereign ratings balance a strong medium-term growth outlook and favourable external balances with a weak fiscal position and difficult business environment.

Source: Indian Express May 02, 2017 20:15 UTC