S&P Global Ratings maintained the lowest investment grade rating of 'BBB-' with a 'stable' outlook for India saying it wants to see more efforts to lower government debt to below 60 percent of GDP and that it did not expect revenues to rise enough to meaningfully lower the deficit over the medium term.
S&P today ruled out any upgrade in India's sovereign rating through 2017 despite policy stability and reforms, triggering a strong reaction from the government which asked the US-based agency to introspect as there was a disconnect between its thinking and investors' perception.
