Fitch affirms India

Fitch Ratings said it affirmed India's long-term foreign- and local-currency issuer default ratings at BBB-.

The outlooks on the long-term issuer default ratings are stable.

The country ceiling was affirmed at BBB- and the short-term foreign-currency issuer default rating at F3.

Fitch said the affirmation of India's sovereign ratings balances a strong medium-term growth outlook and favorable external balances against a weak fiscal position and still-difficult business environment.

However, the latter is likely to gradually improve with implementation and continued broadening of the government's structural reform agenda, the agency said.

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