Fitch Ratings on Friday said it has changed its outlook for India's sovereign rating from negative to stable. Giving reasons for this, the report said that due to the rapid economic recovery in the country, the risk of a slowdown in growth in the medium term has reduced. However, the rating agency retained India's sovereign rating at 'BBB'.
In its report released on Friday, the rating agency said that the revision in outlook reflects our view that despite the sharp shocks in global commodity prices, economic recovery in India and reduction in financial sector vulnerabilities will help in growth in the medium term. The risk of falls is reduced. However, the agency has lowered the economic growth forecast for the current fiscal to 7.8 percent. Earlier this estimate was put at 8.5 percent.
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