Fitch keeps India's sovereign rating at 'BBB-' with stable outlook

November 15, 2018 18:54

Fitch Ratings on Thursday kept India's sovereign rating unchanged at 'BBB-', the lowest investment grade with a stable outlook, saying risks to macroeconomic outlook are significant.

In a statement, Fitch said it expects India's real GDP growth to rise to 7.8 per cent in the fiscal year ending March 31, 2019, from 6.7 per cent in FY2017-18.

But for the following two financial years, it said, the growth may decelerate to 7.3 per cent due to "downside risks from tightening financial conditions, weak financial-sector balance sheets and high international oil prices".

"Risks to the macroeconomic outlook are significant, and include a drop in credit growth, resulting from further problems in the banking or shadow-banking sector," it said. -- PTI

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