(MENAFN) Regardless of keeping India's credit rating at the lowest asset grade, ratings agency S&P Global cautioned that the Asian economy will confront increasing debit levels in financial 2021 in the result of the COVID-19 crisis.
In its predict revealed previously this week, S&P stated that it anticipates India's debt-to-GDP ratio (the debt levels compared to gross domestic product) to rush over 17 percent from the preceding year before it stands at 90.6 percent in the financial year to March 2021. The viewpoint is comparable to the approximations of two other major ratings companies, with Fitch pegging general government debt to leap to 84.5 percent of GDP and Moody"s placing it at 90.1 percent.
While S&P states that the COVID-19 will guide to a record nine percent recession for the Indian economy, it has not changed the country"s lasting supreme rating up to now, keeping it at BBB-.
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