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Fitch downgrades India's sovereign credit rating outlook to negative

Retains ratings at lowest investment grade

Fitch rating agency

In its report, Fitch said it expects general government debt to jump to 84.5 per cent of GDP in FY21 from an estimated 71 per cent in FY20

Arup RoychoudhuryIndivjal Dhasmana New Delhi
Fitch Ratings revised its outlook on India's sovereign ratings on Thursday to ‘Negative’ from ‘Stable’, citing a weakened growth outlook and challenges from a high public debt burden due to the Covid-19 pandemic. Fitch retained its rating at ‘BBB-‘, the lowest investment grade. This comes just weeks after Moody’s cut its rating for India.

As things stand, all three major global ratings agencies – Moody’s, Fitch and Standard & Poor’s – have the lowest investment grade rating on India. Fitch and Moody’s have a negative outlook while S&P has a ‘stable’ outlook which it reaffirmed days ago.

“The coronavirus pandemic

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First Published: Jun 18 2020 | 6:33 PM IST

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