It is an affirmation of the rating that is unlikely to please the government. After all, the government was hoping for an upgrade, similar to the one it received from another rating agency just a few days ago.Fitch Ratings has affirmed India’s long-term foreign-currency rating at ‘BBB-’ with a stable outlook, balancing the country’s robust growth prospects against persistent fiscal vulnerabilities. By contrast, S&P Global Ratings earlier this month upgraded India to ‘BBB’ from ‘BBB-’, raising hopes of similar upgrade by other agencies.
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