S&P rules out India's rating upgrade anytime soon

Rating agency Standard & Poor's (S&P) has ruled out India's rating upgrade anytime soon, citing concerns over poor reforms and large number of infrastructure projects stalled due to various reasons.

The statement has come soon after finance ministry pitched in for a rating upgrade as it tries to woo foreign investors into the Asia's third largest economy.

S&P said India's growth story remains positive as even RBI is easing its monetary policy gradually, but, then, it added that reform announcements recently made by the government were not enough to ensure growth.

The rating agency also forecasts Asia Pacific economies to perform better from here on despite slowdown in US and Eurozone. "Nobody expects the eurozone to recover by next year and will muddle through while the US economy will pick up going ahead," the agency said.

Story first published: Monday, May 6, 2013, 9:30 [IST]
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