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  Business   Economy  18 Jun 2020  Fitch cuts India's outlook to 'negative'

Fitch cuts India's outlook to 'negative'

REUTERS
Published : Jun 18, 2020, 10:27 am IST
Updated : Jun 18, 2020, 10:35 am IST

Fitch expected economic activity to contract by 5 percent in the fiscal year ending March 2021 due to the strict lockdown measures

 Fitch cut its outlook for India to “negative” from “stable” on Thursday. (PTI/AFP Photo)
  Fitch cut its outlook for India to “negative” from “stable” on Thursday. (PTI/AFP Photo)

New Delhi: Fitch Ratings on Thursday revised India's outlook to 'negative' from 'stable', stating that the coronavirus pandemic has significantly weakened the country's growth prospects for the year and exposed the challenges associated with a high public-debt 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 coronavirus pandemic has significantly weakened India's growth outlook for this year and exposed the challenges associated with a high public-debt burden. The rebound will mainly be driven by a low-base effect," it said.

Tags: fitch ratings, india, coronavirus outbreak, economic impact, coronavirus impact
Location: India, Delhi, New Delhi