S038;P retains India146;s rating

Rating firm Standard 038; Poor8217;s today said Indian economy is 8216;stable8217; but expressed concern over the high fiscal deficit and pressing development needs. S038;P retained 8216;BB8217; long-term rating for the country with 8216;stable8217; outlook.

The agency affirmed a rating of 8216;B8217; for the short-term.

8216;8216;India8217;s average annual economic growth over the past five years of 6.5 per cent is higher than any other major economy except China8217;s,8217;8217; S038;P credit analyst Ping Chew said in a statement from Singapore today.

8216;8216;Growth has been fuelled by steady economic reforms since 1991. We expect India to maintain or alleviate some of its pressing poverty infrastructure needs,8217;8217; Chew said.