Fitch revises India rating outlook to Stable from Negative

Credit rating agency Fitch said on Friday it revised the outlook for India’s sovereign rating to stable from negative as downside risks to medium-term growth diminished with the rapid economic recovery.

Fitch Ratings kept the rating unchanged at “BBB-“.

“The forecast revision reflects our view that downside risks to medium-term growth have been mitigated by India’s rapid economic recovery and the easing of financial sector weakness, despite the near-term headwinds from the global commodity price shock,” the report said.

However, it has cut its economic growth forecast to 7.8 percent for the current fiscal year (April 2022 to March 2023) from its forecast of 8.5 percent in March due to the inflationary impact of the global commodity price shock.

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