S&P affirms negative outlook on India; downgrade risk still

However, the ratings agency said there was scope to upgrade the sovereign ratings if the govt unleashes public & private investments to spur economic growth

Ratings agency Standard & Poor's affirmed India's sovereign rating at "BBB-minus" with a "negative" outlook, reiterating there was a one-in-three chances of a ratings downgrade over the next 12 months, a statement said on Friday.

S&P said the government's ability to prop up investment growth remained uncertain.

The ratings agency, however, said there was scope to upgrade the sovereign ratings if the government unleashes public and private investments to spur economic growth.