Fitch ratings on India intact

Fitch, like other two agencies - Moody's and Standard & Poor's - has the lowest investment grade on India

Fitch Ratings said on Monday its sovereign ratings on India remains intact and are not affected by a debacle suffered by the Bharatiya Janata Party-led alliance in the Bihar Assembly polls. Fitch, like other two agencies - Moody's and Standard & Poor's - has the lowest investment grade on India.

Fitch said its outlook on the ratings for India would also remain the same at 'stable'. "The election outcome does not change the ratings or outlook," Fitch said.

The rating agency also said it was not changing its medium-term outlook on India's economy due to the Bihar poll outcome. It does not believe the reform process by the Centre would be reversed in light of the Bihar election results. "While the opposition to some big-ticket reforms has been substantial, the government has gradually rolled out a large number of initiatives and there is no indication it would now change course," said Thomas Rookmaaker, director in Fitch Ratings' Asia-Pacific Sovereigns.