India dismisses S&P's projection of rating downgrade

September 04, 2013 19:09

India today dismissed the latest projection by Standard & Poor's that there was a more than one-in-three chance of ratings downgrade for the country in the next one to two years, saying there was "no chance" of this prospect.

Economic Affairs Secretary Arvind Mayaram while giving India's assessment of the S & P projection said the country has taken several measures to stabilise the economy despite the turmoil in the global economy. He also wondered which mathematical model was relied upon by S & P to come to the statistical conclusion of a potential downgrade.

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