Standard & Poor's downgrades India's credit outlook to negativeApril 25, 2012 - 15:43 AMT PanARMENIAN.Net - Standard & Poor's on Wednesday, April 25 downgraded India's credit outlook to negative as a weakening economy and gaping fiscal deficit put the country's prized investment-grade rating at risk, AFP reports. The agency maintained India's rating at BBB-, but warned it faces at least a one-in-three chance of losing its status if its financial situation worsens. The "BBB-" is one notch above "junk," which carries an increased risk of default and would see India having to pay higher interest rates on its public borrowing. "India's investment and economic growth have slowed and its current-account deficit has widened, resulting in a weaker medium-term credit outlook," S&P credit analyst Takahira Ogawa said in a media conference call. "We are revising the outlook on the long-term ratings on India to negative." Asia's third-largest economy is battling stubborn inflation, the widest budget deficit of all major emerging economies, a weak fiscal position and slower growth on the domestic front. S&P's negative outlook came as Moody's Analytics, part of credit analysis giant Moody's Corp, said India's economy was growing well below potential. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | U.S., Armenia sign customs deal According to Armenian customs data, U.S.-Armenian trade reached $670 million last year. Glendale mayor to visit Yerevan Asatryan last visited Armenia in December 2022-January 2023 as she helped establish a partnership between Armenia’s Opera House and Los Angeles Opera. Ucom’s fixed network launches in Nor Hachn City residents will be able to use fixed-line Internet, mobile communications and television in one package at more affordable prices. Ambassador summoned to Russia returns to Armenia Sergei Kopyrkin has returned to Yerevan more than two weeks after being recalled to Moscow for consultations. |