Fitch affirms BBB- rating for India
Says stable outlook on robust growth and resilient external finances, but weak public finances remain a challenge for the country
Navigating Global Headwinds
- BBB- is lowest investment grade
- But Fitch, S&P and Moody’s have given a stable outlook
- Fitch forecasts 6% growth for FY24, 7% for FY23 & 6.7% for FY25
- Indian corporate, banking sectors witness healthy balance sheets
New Delhi: Fitch on Tuesday affirmed India’s sovereign rating at ‘BBB-‘ with a stable outlook, on robust growth and resilient external finances, but said weak public finances remain a challenge. India’s rating has been unchanged at ‘BBB-’, which is the lowest investment grade, since August 2006. “Fitch Ratings has affirmed India’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-’ with a Stable Outlook,” it said in a statement, adding strong growth potential is a key supporting factor for the sovereign rating.
It forecasts India to be one of the fastest-growing sovereigns globally clocking six per cent growth in the current fiscal (April 2023-March 2024) supported by resilient investment prospects.
