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S&P says economic support for India ratings has weakened 'somewhat'

Source : REUTERS
Last Updated: Fri, Mar 15, 2013 06:47 hrs
The Standard and Poor's building in New York

The economic support for India's sovereign ratings has weakened "somewhat" given the sluggish growth in Asia's third largest economy, Kim Eng Tan, senior director of Asia-Pacific Sovereign Ratings at Standard & Poor's said in a webcast on Friday.

Tan also said the recently unveiled government budget showed "fiscal prudence", but higher spending targets posed a risk, in comments similar to its report last month.

India's economic expansion has slowed dramatically from more than 9 percent in early 2011 to just 4.5 percent in the October-December quarter of 2012.

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