February 28, 2013 / 12:11 PM / 5 years ago

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

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.

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

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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