Moody's Affirms India's Rating at Baa3

Moody's has affirmed India's long-term local- and foreign-currency issuer ratings, as well as the local-currency senior unsecured rating, at Baa3 with a stable outlook, citing improving fiscal metrics and resilient growth prospects. "The stable outlook incorporates India's gradually improving fiscal metrics and resilient growth prospects compared with peers. However, fiscal accommodation in the context of the uncertain global macroeconomic outlook — including revenue-eroding measures — could impede progress toward debt reduction and exacerbate already weak debt affordability," the agency said in a statement. Standard & Poor's credit rating for India stands at BBB with a stable outlook. DBRS Morningstar's credit rating for India was last reported at BBB, also with a stable outlook.