S&P: budget will not impact India's sovereign ratings

MUMBAI Thu Feb 28, 2013 5:36pm IST

An employee arranges Indian currency notes at a cash counter inside a bank in Agartala February 18, 2010. REUTERS/Jayanta Dey/Files

An employee arranges Indian currency notes at a cash counter inside a bank in Agartala February 18, 2010.

Credit: Reuters/Jayanta Dey/Files

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MUMBAI (Reuters) - Standard & Poor's said on Thursday India's budget for the 2013/14 fiscal year would have no impact on the country's sovereign credit ratings, warning there was potential for the government to exceed its budgeted spending.

S&P also said there had been "little progress" in structural reforms to reduce the "vulnerability" in the government's fiscal position.

S&P last year cut its outlook on India's "BBB-minus" sovereign ratings to "negative," threatening to push the country into sub-investment category.

(Chidambaram calls for tough choices, click here)

(Rich taxpayers to pay 10 percent surcharge, click here)

(Budget 2013 highlights, click here)

(Reporting by Rafael Nam; Editing by Anand Basu)

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