Fitch affirms India’s ‘BBB-’ rating with stable outlook, flags fiscal risks despite resilient growth

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New Delhi: Fitch Ratings on Monday maintained India’s long-term foreign currency issuer default rating at ‘BBB-’ with a stable outlook, citing the country’s strong growth prospects and solid external buffers, while warning that high debt and fiscal pressures continue to weigh on its credit profile. The decision follows S&P Global Ratings’ recent upgrade of India’s long-term rating to ‘BBB’, its first sovereign upgrade since 2007. Fitch, however, noted that elevated debt levels remain a structural constraint, even as revenue buoyancy and fiscal consolidation have narrowed deficits. “India's GG (General Government) debt burden is elevated at a Fitch-estimated 80.9% of GDP...