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Stock impact report

Fitch warns India against further deterioration in fiscal outlook [Reuters]

Morgan Stanley (MS) 
Last morgan stanley earnings: 4/16 07:15 am Check Earnings Report
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Company Research Source: Reuters
Fitch warns India against further deterioration in fiscal outlook MUMBAI (Reuters) - India’s sovereign rating could come under pressure if its fiscal outlook deteriorates further as the government tries to steer the country through the coronavirus crisis, rating agency Fitch said on Tuesday. Fitch currently rates India at BBB-, with a stable outlook, but any downgrade would consign its sovereign debt to junk bond territory. The rating agency noted that India is likely to post dismal economic growth this year as a result of the coronavirus pandemic, and the government has limited room to provide fiscal stimulus. “The government may tighten fiscal policy again once the pandemic is under control, but India’s record of meeting fiscal targets and implementing fiscal rules has been mixed in recent years, which will colour our assessment of any official commitment to tighten fiscal policy over the medium term,” Fitch warned. Fitch did not provide an estimate for fiscal deficit but Morgan Sta Show less Read more
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