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S&P Affirms India At BBB-

INDIA

S&P Global Ratings has maintained a stable outlook on India's sovereign credit rating but cautioned that the country could face a downgrade if the economic recovery is slower than expected or deficits and debt exceed projections. The credit rating agency has a BBB- rating for India, its lowest investment grade rating. "The stable outlook reflects our expectation that India's economy will recover following the resolution of the Covid-19 pandemic, and that the country's strong external settings will act as a buffer against financial strains despite elevated government funding needs over the next 24 months," S&P said it its mid-year Asia-Pacific sovereign rating trends report released on Wednesday. Last week, the agency had lowered its growth forecast for the country to 9.5% in the current fiscal year from 11% estimated earlier, citing the second wave of Covid-19.

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