Global ratings agency Fitch Ratings on Thursday met finance ministry officials and quizzed the government on its subsidy bill and the falling rupee,even as India pitched for higher ratings based on a healthy foreign investment and its commitment to fiscal consolidation.
We pitched for a rating upgrade. We told them to consider our FDI inflows and returns in the market. We also affirmed our commitment to capping subsidy at 2 per cent, a finance ministry official said after a meeting with representatives of Fitch Ratings.
Fitch in its last rating in 2010 had assigned Indias foreign and local currency rating at BBB-/stable.
Last year it had affirmed the BBB- rating for India indicating moderate degree of safety regarding timely servicing of financial obligations. Since 2011,Fitch has downgraded all major economies in the world.
Finance Ministry officials had earlier held similar meetings with representatives of other credit rating agencies Moodys and Standard and Poors.