Fitch revises India's outlook to negative from stable, affirms IDR at BBB-

11:30:00 AM, Thursday 18th of June 2020 | in business

Fitch Ratings revised India's outlook to 'negative' from 'stable', owing to coronavirus pandemic that has 'significantly weakened' the country's growth prospects for the year. Fitch Ratings has revised the Outlook on India's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable and affirmed the rating at 'BBB-'," the rating agency said. Fitch said that it expects economic activity to contract by 5% in the fiscal year.