India, Sept. 25 -- S&P Global Ratings affirmed credit ratings of India on Friday despite weakening fiscal settings and a record economic contraction caused by the global coronavirus pandemic.
The agency maintained the rating at 'BBB-' citing the economy's above-average long-term real growth, sound external profile and evolving monetary settings.
"India's democratic institutions promote policy stability and compromise, and also underpin the ratings," the agency said.
"These strengths are balanced against vulnerabilities stemming from the country's low per capita income and weak fiscal settings, including consistently elevated general government deficits and indebtedness," said S&P.
The outlook on the ratings was stable as the agency expe...