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Fitch's outlook for Indian infrastructure sector remains negative
Fitch Ratings said that its outlook for Indian infrastructure projects remains negative, driven by an expected further increase in macroeconomic challenges and sector-specific stresses.
The agency expects the ratings of project companies to remain under pressure from equity capital constraints, high interest rates, slowing GDP growth, currency depreciation, fuel shortages, weak off-takers, execution delays for power and prospects of slowing traffic growth for transportation.
The proportion of negative rating outlooks in Fitch's portfolio (excluding projects rated since December 2011) is 24%, but the agency said this would have been higher if not for non-contractual sponsor support and the expectation of continued support in many cases. In comparison, only 19% had negative outlooks seven months ago.
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