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Fitch retains sovereign rating of India; lowers outlook to negative from stable

By IndianMandarins- 19 Jun 2020
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Amid a growing number of Coronavirus cases, Fitch Ratings agency has retained India’s sovereign rating at the lowest investment grade of “BBB-“, while it has revised downward its rating outlook for India to negative from stable. Fitch has cited increasing risk to India’s growth and debt outlook, as a reason for the above ratings.

Fitch stated that COVID-19 pandemic has significantly weakened India’s growth outlook for fiscal year 2021, simultaneously exposing challenges associated with a high public-debt burden. Although, the rating agency expects India’s economic activity to contract by 5% in the fiscal year 2021 before rebounding by 9.5% in fiscal year 2022.

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