Fitch refuses to do a Moody's, retains India's outlook at negative

Also retains ratings at the lowest investment grade

Fitch Ratings has retained India's ratings at the lowest investment grade and outlook on them at negative due to high debt and limited fiscal headroom of the central and the state governments. The move on outlook is in contrast to that of Moody's Investors Service which recently upgraded outlook to stable from negative.

With this, Moody's and Standard & Poor's have a stable outlook on their ratings on India, while Fitch still has a negative outlook. All three rating agencies have given India the lowest investment grade.
 

Fitch said the negative outlook on the rating reflects lingering uncertainty around the