India’s S&P upgrade reflects fiscal consolidation commitment, says econ affairs secy

Rating agency S&P Global’s upgrade of India’s long-term unsolicited sovereign credit ratings shows the country’s commitment to fiscal consolidation, India’s Economic Affairs Secretary Anuradha Thakur said on Thursday.

S&P Global upgraded India’s long-term unsolicited sovereign credit ratings to “BBB” from “BBB-” on Thursday, citing economic resilience and sustained fiscal consolidation.

Thakur said she hoped other rating agencies would follow suit.