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Monday, February 09, 2009

Fitch affirms India ratings

Rating outlook negative on deteriorating public finances

The global rating agency Fitch today, 9 February 2009, affirmed India's rating at a time when there have been fears of a rating downgrade of India due to surging fiscal deficit. Fitch affirmed India's foreign currency issuer default ratings at BBB-minus, or the lowest investment-grade level, with a stable outlook. Local currency ratings were also kept at that rating, but with a negative outlook.

The local currency rating outlook was lowered last July year on worries about deteriorating public finances and is above Moody's rating, which marks it a speculative grade.

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