Full text: S&P affirms India's rating at 'BBB-' with stable outlook

Standard & Poor’s stuck with its “BBB-minus” sovereign rating and “stable” outlook for India, a week after rival Moody’s upgraded the country’s rating.

The ratings agency retained its BBB- rating while taking a favourable view on reforms being undertaken.

Here is the full text:

OVERVIEW
 

Despite two quarters of weaker-than-expected growth, India's economy is forecast to grow robustly in 2018-2020 and foreign exchange reserves will continue to rise. Nevertheless, sizable fiscal deficits, a high net general government debt burden, and low per capita income detract from the sovereign's credit profile.

We are affirming our 'BBB-' long-term and