The ratings are opinions that reflect the ability and willingness of the rated entity to meet financial obligations.
Standard & Poor's Ratings Services on Wednesday affirmed its BB foreign currency and BB+ local currency, long-term sovereign credit ratings on India.
After revising the sovereign outlook for India from stable to negative, Standard & Poor's Director for Sovereign and International Public Finance ratings Takahira Ogawa says the fiscal position holds the key to future course of action.
There is a "one in three" chance of a downgrade of the country's sovereign rating to junk status in the next two years.
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