CURRENT AFFAIRS

Detailed explanation-1: -Fitch’s proprietary SRM assigns India a score equivalent to a rating of ‘BB+’ on the Long-Term Foreign-Currency (LT FC) IDR scale.

Detailed explanation-2: -Fitch Ratings on December 20, 2022 retained its rating for India at ‘BBB-’ with a stable outlook, even as it expected a modest ‘fiscal slippage’ this year from the central government’s fiscal deficit target of 6.4% to GDP to 6.6% of GDP, due to higher food and fertiliser subsidies.

Detailed explanation-3: -Standard & Poor’s credit rating for India stands at BBB- with stable outlook. Moody’s credit rating for India was last set at Baa3 with stable outlook. Fitch’s credit rating for India was last reported at BBB- with stable outlook.

Detailed explanation-4: -India Ratings is a wholly owned subsidiary of the Fitch Group. India Ratings currently maintains coverage of corporate issuers, financial institutions, which includes banks and insurance companies.

Detailed explanation-5: -Box 1: What are Sovereign Credit Ratings? Sovereign credit ratings seek to quantify issuers’ ability to meet debt obligations. When favourable, these can facilitate countries access to global capital markets and foreign investment. Table below presents what three key CRAs – S&P, Moody’s and Fitch, seek to measure.