S&P refuses to do a Moody's; maintains status quo on India's rating

Credit rating agency Standard & Poor’s (S&P) on Friday retained India’s sovereign rating at the lowest investment grade with a stable outlook. It attributed its decision to a weak fiscal position, particularly of states, high government debt, and low per capita income.

S&P’s rating remains at BBB-, one notch above junk and a notch below what Moody’s Investors Service upgraded India to recently. “Their (S&P’s) assessment is almost in line with that of Moody’s, and they are possibly waiting for some time to upgrade,” Economic Affairs Secretary Subhash Chandra Garg told reporters.