Fitch is withdrawing the ratings following recent regulatory changes by India's securities regulator, Securities and Exchange Board of India (SEBI).
Although Fitch will no longer maintain ratings on debt securities issued by the Indian sovereign, the agency will maintain India's Long-Term Foreign and Local Currency Issuer Default Ratings (IDR), Short-Term IDR, and Country Ceiling, which are unchanged.
Fitch most recently reviewed India's sovereign ratings on 9 April 2015 and affirmed India's Long-Term Foreign and Local Currency IDRs at 'BBB-' with a Stable Outlook. The country ceiling was affirmed at 'BBB-' and the Short-Term Foreign Currency IDR at 'F3'. The affirmation of India's Long-Term Foreign and Local Currency IDRs balances the country's improved prospects for growth, inflation and external balances, against limited progress on the fiscal front.
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