S&P affirms India’s sovereign credit rating at 'BBB-/A-3' with stable outlook

S&P Global Ratings affirmed 'BBB-' long-term and 'A-3' short-term unsolicited foreign and local currency sovereign credit ratings on India on Wednesday, and said the outlook on the long-term rating is stable. The ratings agency said India’s ratings reflect the country's above-average real GDP growth, sound external profile, and evolving monetary settings. India's strong democratic institutions promote policy stability and compromise, and also underpin the ratings.