Sunday, February 3, 2013

4/02/2013 stocks news

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Possibility of India's downgrade less than in April 2012: S&P

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The possibility of India losing its investment-grade credit rating has receded somewhat as a result of the economic reforms undertaken by the government since last September, an analyst with rating agency Standard & Poor's told Reuters on Thursday

"It is still at least a one-in-a-three chance that we could downgrade. But the likelihood of it is less than when we first indicated the negative outlook last year," Tan Kim Eng said in a telephone interview from Singapore.

His comments reflect a softening of the stand by the rating agency just a few weeks after it reiterated a warning about cutting India's rating to junk, citing a wide fiscal deficit and a heavy debt burden. India has a BBB- rating from S&P, the lowest investment grade among the BRIC group of large emerging economies and one notch above the 'junk' status.

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