November 24, 2017 / 12:37 PM / a year ago

BRIEF-S&P affirms ratings on India at 'BBB-/A-3', maintains stable outlook

Nov 24 (Reuters) - S&P Global Ratings:

* S&P says ratings on India affirmed at ‘BBB-/A-3’; Outlook stable

* S&P says affirmed its unsolicited long- and short-term foreign and local currency sovereign credit ratings on the Republic of India at ‘BBB-/A-3’‍​

* S&P says ratings on India reflect country’s strong GDP growth, sound external profile, and improving monetary credibility

* S&P says stable outlook reflects view that, over next 2 years, growth will remain strong, India will maintain sound external accounts position, among others

* S&P says upward pressure on India’s ratings could build if government’s reforms markedly improve its net general government fiscal out-turns

* S&P on India says in medium term, anticipate that growth will be supported by planned recapitalization of state-owned banks

* S&P on India says “confidence and gdp growth in 2017 appear to have been hit by the sudden demonetization exercise in late 2016”

* S&P on India says downward pressure on the ratings could emerge if GDP growth disappoints, causing to reassess our view of trend growth

* S&P says estimate India's PSU banks will need capital infusion of about $30 billion for making large haircuts on loans to viable stressed projects Source text (

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