DBRS ups India to stable

DBRS said it changed the trend on the Republic of India's long-term foreign- and local-currency debt ratings to stable from negative.

The trend revision reflects progress in fiscal consolidation in the context of a strengthening policy framework and a return to pre-crisis growth, DBRS said.

Evidence of a stronger commitment to fiscal deficit reduction came with the 2011 to 2012 budget, the agency said.

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