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.
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Ministers from nearly 160 member countries of the World Trade Organisation entered a final day of negotiations on Friday with officials sounding optimistic over chances of salvaging a deal that would save the trade body from sliding into irrelevance. Full Article