Economics
S&P Raises India’s Outlook in Boost for Modi as Rupee Surges
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India’s credit rating outlook was raised to stable from negative by Standard & Poor’s, removing the risk of a downgrade to junk status for Prime Minister Narendra Modi as the U.S. weighs when to boost interest rates. The rupee surged the most in six weeks.
The company maintained its BBB- rating on Asia’s third-largest economy, the lowest investment grade, and said it could raise the rating if economic growth quickens and fiscal, external or inflation metrics improve. S&P had lowered the outlook to negative in April 2012 on diminishing growth prospects.