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India could be first BRIC to lose investment grade: S&P
Reuters | June 11, 2012 | 10:27 AM EDT
MUMBAI (Reuters) - Standard & Poor's said on Monday that India could become the first of the so-called BRIC economies to lose its investment-grade status, less than two months after cutting its rating outlook for the country.
The report sent the rupee and stocks lower, but S&P analyst Takahira Ogawa said "nothing has changed" from April, when the agency downgraded the outlook on India's credit rating.
"We are simply providing further explanation of our views on India sovereign," he said in an emailed response to Reuters.
India's sovereign rating is BBB minus, the lowest investment grade rating. In April, S&P lowered its outlook on the rating for Asia's third-largest economy to negative from stable.
"Slowing GDP growth and political roadblocks to economic policymaking are just some of the factors pushing up the risk that India could lose its investment-grade rating," S&P said in a statement on Monday but dated June 8.
The report is titled: "Will India Be The First BRIC Fallen Angel?"
Indian stocks <.BSESN> fell into negative territory after the S&P statement, while the rupee skidded to as much as 55.82 to the dollar, a near one-week low, from 55.45 earlier.
The benchmark 10-year bond yield rose 2 basis points after the statement was released. Traders said the bond markets were not greatly affected because offshore investors hold a small share of the market.
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