S&P retains India's sovereign rating at 'BBB-'; keeps outlook stable

S&P on Wednesday retained India's sovereign rating at 'BBB-' with a stable outlook, saying that while risks to growth are rising, the economy and fiscal position will stabilise and begin to recover from 2021 onwards.

India's long-term rating was affirmed at 'BBB-' with a stable outlook while the short-term rating was held at 'A-3'.

S&P has forecast India's economy to shrink by 5 per cent this fiscal.

Earlier this month, Moody's downgraded India to a notch above junk, falling in line with other global agencies, but also cut its outlook to 'negative' on the back of rising debt and persistent stress in the