GLOBAL RATING AGENCY S&P on Thursday affirmed India's sovereign credit rating at "BBB-", with a stable outlook, saying sound fundamentals to underpin economic growth over the next two to three years.
"The sovereign credit ratings on India are anchored by the country's dynamic, fast-growing economy, strong external balance sheet, and democratic institutions supporting policy predictability and compromise," S&P Global Ratings said in a statement. It, however, also said these strengths are counterbalanced by the government's weak fiscal performance, burdensome debt stock, and the economy's low GDP per capita.
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