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10 Apr 2015
Fitch Affirms India’s rating; Outlook Stable - Reuters
FXStreet (Mumbai) - International rating agency Fitch has affirmed India's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BBB-'. The issue ratings on India's senior unsecured foreign and local currency bonds are also affirmed at 'BBB-'.
The outlook for the Long-Term IDRs are stable, the agency said in a press release.
"The government's broad-based structural reform agenda has brought dynamism back to the Indian economy, after a couple of years of limited progress on the structural front," the agency reasoned, adding that it "expects the policy initiatives to bring the investment climate in India closer in line with its peers."
Fitch noted that "India's relatively weak business environment and standards of governance, as well as widespread infrastructure bottlenecks, will not change overnight, but there is ample room for improvement."
The outlook for the Long-Term IDRs are stable, the agency said in a press release.
"The government's broad-based structural reform agenda has brought dynamism back to the Indian economy, after a couple of years of limited progress on the structural front," the agency reasoned, adding that it "expects the policy initiatives to bring the investment climate in India closer in line with its peers."
Fitch noted that "India's relatively weak business environment and standards of governance, as well as widespread infrastructure bottlenecks, will not change overnight, but there is ample room for improvement."