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Credit agency says India is stable
The London News.Net
Thursday 28th August, 2008
Japan Credit Rating Agency Ltd has left unchanged its BBB+ ratings for India, reflecting a stable outlook on the country's foreign and local currency long-term senior debts.
After a review on August 19th, the agency concluded that in the medium to long term, the Indian economy has high potential to grow faster than seven percent annually.
The agency felt that the stability of India's financial system has been enhanced following the progress made in disposal of non-performing loans partly due to a revision of related legislation.
The agency said the country's foreign liquidity position has been maintained at comparatively sound levels.
JCRA said the planned increase in tax revenues will continuously hold the key to achieving the fiscal deficit target.
The agency said it sees no immediate concern over India's foreign currency liquidity position, given its lower debt service ratio and huge foreign exchange reserves, which now rank fourth in the world.
Earlier, Fitch Ratings Agency, in a review of the sovereign rating of India, also affirmed its previous rating for India at BBB minus on foreign and local currency issuer default rating, the statement said.
Ficht had, however, revised the outlook on India's long-term local currency issuer default rating from stable to negative.
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