New Delhi, May 9 -- Global sovereign credit rating agency Morningstar DBRS has upgraded India's Long-Term Foreign and Local Currency - Issuer Ratings from BBB (low) to BBB with a 'stable' trend.

India's Short-Term Foreign and Local Currency Issuer Ratings were also upgraded with a Stable trend.

Key drivers for the upgrade include India's structural reforms through infrastructure investments, digitalisation, among others, all of which facilitated fiscal consolidation (declining debt and deficit).

India sustained high economic growth, clocking an average GDP growth of 8.2 per cent during 2022-25, with macroeconomic stability (stabilised inflation, range bound exchange rate and sound external balance).

A resilient banking system featurin...