Will India Be The First BRIC Fallen Angel?
Slowing GDP growth and political roadblocks to economic policymaking could put India at risk of losing its investment-grade rating. We revised the outlook on India's 'BBB-' long-term sovereign credit rating--one notch above speculative-grade--to negative from stable in April because of lower GDP growth prospects and the risk of erosion in its external liquidity and fiscal flexibility. A return to recent high growth rates will depend on further fiscal reform and steps to improve the country's investment climate.
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