Fitch joins Moody’s, cuts India’s sovereign rating outlook to negative

Fitch joins Moody’s, cuts India’s sovereign rating outlook to negative

Fitch Ratings revised its outlook on India's sovereign ratings on Thursday to ‘Negat

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revised its outlook on India’s sovereign ratings on Thursday to ‘Negative’ from ‘Stable’, citing a weakened growth outlook and challenges from a high public debt burden due to the Covid-19 pandemic. Fitch retained its rating at ‘BBB-‘, the lowest investment grade. This comes just weeks after Moody’s cut its rating for India.

As things stand, all three major global ratings agencies – Moody’s, Fitch and Standard & Poor’s – have the lowest investment grade rating on India. Fitch and Moody’s have a negative outlook while S&P has a ‘stable’ outlook which it reaffirmed days ago.


“The coronavirus pandemic has significantly weakened India’s growth outlook for this year and exposed the challenges associated with a high public-debt burden. Fiscal metrics have deteriorated significantly, notwithstanding the government’s expenditure restraint, due to the impact of the severe growth slowdown on revenue, the fiscal deficit and public-sector debt ratios,” the agency said in a report.



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