India upgrade reflects strong prospects: S&P

India is the 13th country currently rated by Standard & Poor's (S&P) that has made the transition to investment grade from speculative grade, and signals the first time the coutry has moved back into this category since 1991.

According to a special report released on India, S&P said the upgrade on India's ratings to investment grade reflects the country's strong economic prospects and external balance sheet and its deep capital market, which supports a weak but improving fiscal position.

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