Weak Credit Outlook for India, Warns Standard and Poor's

by CFO Innovation Asia Staff, 27 April 2012

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economic growth GDP inflation interest rates investment Standard and Poor's

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India's investment and economic growth prospects is diminishing, resulting in a weaker medium-term credit outlook.

Bloomberg reports that ratings agency Standard and Poor's is changing its outlook for India from stable to negative but has retained the country's rating at BBB-.

S&P forecasts India's economic growth for the 2012-13 financial year at 5.3%, which is far lower than the government's projection of 7.6%, according to Bloomberg.

Bloomberg notes that inflation has been a persistent problem in India. Interest rates have been raised 13 times since March 2010 in an effort to slow price increases.

Despite the downgrade, the government remains positive."I am confident that the economy will grow at around 7%," Finance Minister Pranab Mukherjee told Bloomberg. "We will be able to pursue fiscal deficit and it will be around 5.1% of the GDP."

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Standard and Poor's warns India on credit rating

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