Budget in line with expectations - S&P
MUMBAI (Reuters) - International ratings agency Standard & Poor's said on Friday that India's 2008/09 budget was largely in line with expectations and more work needed to be done for upgrading ratings.
"The challenges to India's ratings in the future comes from the implementation of the sixth pay commission, slower growth and potential expenditure overruns," Sani Hamid, director at S&P in Singapore, told Reuters.
S&P upgraded India's sovereign rating to BBB-/Stable in January 2007, the first time the country has been on the lowest rung of investment grade in more than a decade.
- Tweet this
- Share this
- Digg this
Trending On Reuters
Data released on Friday showing a slowdown in India's economy will put the Reserve Bank under renewed pressure to cut interest rates, while Prime Minister Narendra Modi takes his time over reforms needed for a revival. Full Article