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S&P affirms negative outlook on India, says chances of downgrade remain
Ratings agency Standard & Poor's affirmed India's sovereign rating at "BBB-minus" with a "negative" outlook, reiterating there was a one-in-three chance of a ratings downgrade over the next 12 months, a statement said on Friday. Full Article
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El Nino developing slower, India monsoon to stay weak
SYDNEY, July 7 |
SYDNEY, July 7 (Reuters) - A key factor in the development of an El Nino weather pattern eased in June, but the monsoon over India will continue to be weak as the Pacific climate continues to move towards an El Nino, said Australia's weather bureau.
The Southern Oscillation Index (SOI), a key factor in an El Nino and calculated from monthly and seasonal fluctuations in air pressure between Tahiti and Darwin, eased in June to negative 2 from a negative 5 in May, Sam Cleland, author of the Bureau of Meterology's weekly Tropical Climate Note, told Reuters.
A sustained negative SOI often indicates El Nino.
"I don't think we'd make the call just yet that we have an El Nino event in place," said Cleland on Tuesday.
An El Nino can bring drought conditions to Australia's farmlands and weaken Asia's monsoons, damaging crop and livestock production. (Reporting by Michael Perry)
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