India faces S&P Junk status

Sunday, 19 May 2013 - 8:34

India+faces+S%26P+Junk+status+++

 

Global ratings agency Standard and Poor's has warned that India faces at least "a one-in-three" chance of losing its prized sovereign grade rating, amid new threats to economic growth and reforms.

 

The announcement surprised the finance ministry which had been pitching for a ratings upgrade, saying the government has taken strong steps to improve India's public finances, promote investment and revive growth.

 

India's BBB-minus investment rating is already the lowest among its BRICS peers Brazil, Russia, China and South Africa, and cutting it to "junk status" would push up the country's hefty borrowing costs as it would signal higher risk.



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