INSUBCONTINENT EXCLUSIVE:
sovereign rating of India at BBB- with stable outlook
citing a prolonged economic slowdown,
worsening shadow banking crunch, rising public debt, financial stress among rural households and weak
July-September quarter, the slowest pace of expansion in over six years, pulled down by manufacturing, which saw a 1% contraction in gross
in October and breached the Reserve Bank of India's medium-term target of 4% for the first time since July 2018 as food prices increased
Core inflation - excluding volatile energy and food items - declined to a 94-month low of 3.47% in October
economy.
The central bank has already cut its key policy rate by 135 basis points since January
A basis point is 0.01 percentage point
The ratings agency said the report does not constitute a rating action.