Economy

S&P Affirms India’s Rating at ‘BBB-Minus’ With ‘Stable’ Outlook: Reports

Vehicles drive past the commercial towers in Gurugram on the outskirts of New Delhi, India, November 23, 2017. Credit: Reuters/Adnan Abidi

Vehicles drive past the commercial towers in Gurugram on the outskirts of New Delhi, India, November 23, 2017. Credit: Reuters/Adnan Abidi

Mumbai: Standard & Poor’s is stuck with its “BBB-minus” sovereign rating and “stable” outlook for India, TV channels reported on Friday citing unidentified sources, a week after rival Moody’s upgraded the country’s rating.

The decision, if confirmed, would contrast with Moody’s Investors Service’s decision on November 17 to upgrade India’s credit rating to “Baa2” from “Baa3”, one notch higher than S&P’s current rating, citing progress on economic and institutional reforms.

An S&P spokesman was not immediately reachable.