Fitch Ratings revises India's outlook to negative from stable
NEW DELHI: Fitch Ratings on Thursday revised India's outlook to 'negative' from 'stable', stating that the coronavir s pandemic has significantly weakened the country's growth prospects for the year and exposed the challenges associated with a high public-de t burden.
The move comes after another rating agency Moody's earlier this month downgraded India's sovereign rating by a notch to lowest investment grade of 'Baa2' for the first time in 22 years.
"Fitch Ratings has revised the outlook on India's long-term foreign-currency issuer default rating (IDR) to negative from stable and affirmed the rating at 'BBB-'," the rating agency said in a statement.
Fitch expected economic activity to contract by 5 per cent in the fiscal year ending March 2021 (FY21) due to the strict lockdown measures imposed since March 25, before rebounding by 9.5 per cent in FY22.
"The coronavir s pandemic has significantly weakened India's growth outlook for this year and exposed the challenges associated with a high public-de t burden. The rebound will mainly be driven by a low-base effect," it said.
useless ratings. they don't reflect the strong economy of India.
Feku has failed on each and every front, be it economy, LAC, coronavir s pandemic.
I dont know where fitch or moody's get there data from or from where do they get their indicators from from the very base - Agriculture has continued uneffected by the entire ringrole of CORONA secondly living on the highway i see return movement of workers back to Mumbai and gujrat . yes the economics of the factories will change the profits and losses will change but the majority of the business will revive 100% in the next 2 months
economy is not based solely n agriculture. what about industrial output, exports, purchasing power of indians which has got badly affected by the lockdown. as it is even before the pandemic, there were no jobs and economic growth was down.
Moreover, which nation is growing in the COVID-19 - none! The metrics used are pointless, and the analyst who wre the report already knows that.
who is Fitch . bloody we are atmanirbhar now . we will rate ourself. go and rate in your country
Useless piece of s hi ttt...These rating agencies flawed practices came to light during '07-'08 recession.Not reliable at all.
Negative reports are circulated to create division in minds of indians a new plan to counter india ag inst
Fitch moody goldman etc. are bein funded by and OIC. They will do many more things, But India's "internal" demand is too strong and will not be affected by these "external outlook" agencies
First moody made modi negative. now fitch follow suit. Atmanirbhar.
CAn we believe those west based buullsshhiitt!!!!!!!Its a utter non sense
Every Indian knows well about India's economic situation. Who is this Fitch to give its ratings??
Good Human Being
For 12th day in row, petrol and Diesel prices are hiked. None of the Chief Ministers, Governors took the issue with PM in their discussion for 2 days. There is no public outcry. Are we happy with rise everyday??
Thank you BJP.. keep it up and we will get junk rating
We can smell influence here as well !!
Let's not bother about this and keep our focus on issues at hand. is not able to see the changed India of today and is trying very hard to subdue India by all means, by itself in Aksai chin
Fitch is anti national, send them to Pakistan -- bhakts.
Harshad B Chauhan
MoodyGandoos and FitchShits are paid Dallas. US is under 16 Trillion dollars de t and in 10 trillion de t. What are their ratings.
This Supreme Leader we have chosen has turned out to be a duffer only capable of playing with the sentiments of Indians on Re gious issues. Our generation will leave behind a Weak. Poor and a deeply divided country for our children.
Bhakts will say that all rating agencies work for Congress, and Pakistan and have no validity.
every country has this issue in tough times.. India with pandamic and esctions with will definitely get its ratings down.. let things settle, everything will be normal..
TSR The Urbanist
Why not any agency or Media give a comprehensive ratings of the fiscal condition of all the Countries? Why is our Media insensitive and only highlighting India's.
These ratings don't matter at the time of this pandemic. All countries are sailing in the same difficult waters. Indians will anyway bounce back and show the growth graph.
But But But PM said there are Green Shoots seen. How can Fitch negate our ratings?