Standard & Poor’s says chances of India downgrade higher than for Indonesia

The Indian rupee touched a session low of 67.36 to the dollar after the news.

Written by Reuters | Mumbai | Published:September 3, 2013 4:44 pm

Standard & Poor’s considers chances of a credit ratings downgrade for India higher than for Indonesia,Bloomberg News reported on Tuesday,citing comments made by an analyst of the credit rating agency at a briefing in Seoul.

S&P analyst Kim Eng Tan also said there was more than a one-in-three chance for India rating cut within two years,according to Bloomberg.

Goldman Sachs cuts India’s GDP growth forecast to 4 pct,sees rupee at 72 to US dollar

S&P has a “BBB-minus” rating on India with a “negative” outlook. A downgrade would push Asia’s third largest economy to “junk” status.

S&P rates Indonesia at “BB-plus.”

The Indian rupee touched a session low of 67.36 to the US dollar after the news.

For all the latest Business News, download Indian Express App

    Live Cricket Scores & Results
    Express Adda