Budget will not impact India's sovereign ratings: S&P

However, warns that there is potential for govt to exceed its budgeted spending

Standard & Poor's said on Thursday that India's Budget for FY14 would have no impact on the country's sovereign credit ratings, warning there was potential for the government to exceed its budgeted spending.

S&P also said there had been "little progress" in structural reforms to reduce the "vulnerability" in the government's fiscal position.

S&P last year cut its outlook on India's "BBB-minus" sovereign ratings to "negative," threatening to push the country into sub-investment category.