S&P: Budget will not impact India's sovereign ratings

Last Updated: Thu, Feb 28, 2013 13:19 hrs
An employee arranges Indian currency notes at cash counter inside a bank in Agartala

Standard & Poor's said on Thursday India's budget for the 2013/14 fiscal year would have no impact on the country's sovereign credit ratings, warning there was potential for the government to exceed its budgeted spending.

S&P also said there had been "little progress" in structural reforms to reduce the "vulnerability" in the government's fiscal position.

S&P last year cut its outlook on India's "BBB-minus" sovereign ratings to "negative," threatening to push the country into sub-investment category.

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