S&P Report 'Very Satisfying, Gauged The Mood Of India': Piyush Goyal

SA faces the risk of being downgraded on its local currency debt by Moody’s and S&P which have both placed SA’s local currency debt rating on the lowest investment grade rating of Baa3/BBB-minus

The government, after Standard & Poor's affirmation of India's sovereign rating and outlook, said the rating agency was more cautious in its assessment than Moody's but agreed that fiscal consolidation was a concern in financial year 2017-18.

"The ratings on India reflect the country's strong GDP growth, sound external profile, and improving monetary credibility".

"The stable outlook reflects our view that over the next two years, growth will remain strong, India will maintain its sound external account position and fiscal deficits will remain broadly in line with our expectations", it said.

Rating agency Standard & Poor's report on India is a reflection of its appreciation of the steps taken by the government to keep the economy stable and ensure a high growth trajectory, Defence Minister Nirmala Sitharaman said today. All economists and readers of the economy are aware that usually S&P responds much slower than Moody's and Fitch.

The rating stance taken by S&P comes days after Moody's Investors Service raised India's sovereign rating for the first time in over 13 years, saying that growth prospects have improved with continued economic and institutional reforms. "Moody's had in 2015 changed rating outlook to "positive" from 'stable". "In fact, just last week Moody's has upgraded the sovereign rating", state-run SBI's Chairman Rajnish Kumar told reporters here on the sidelines of the launch of SBI's integrated lifestyle and banking digital platform YONO.

Vehicles drive past the commercial towers in Gurugram on the outskirts of New Delhi, India, November 23, 2017.

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In its report, released on Friday evening, said, "Sizable fiscal deficit and high government debt detracts from soverign credit profile". Upward pressure could also build if India's external accounts strengthen significantly. Here are the bases on which these top rating agencies measured India's growth story.

But in a statement, S&P said it was comfortable with its current rating, which leaves India at its lowest investment-grade standing, despite welcoming recent actions such as the unveiling of an ambitious national goods and services tax (GST), India's biggest-ever tax reform.

All this shows that S&P feels India has not done enough to get a ratings upgrade since 2007 and only on the basis of its future promising reforms it keeps changing its outlook from "negative" to "stable".

Commenting on the government's mega plan of Rs 2.11 lakh crore to recapitalise the stressed public sector banks last month, S&P recognised that the move will help to revive growth.

S&P: Recapitalisation of state-owned banks is likely to pave the way for some improvement in credit expansion from 2018.

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