S&P affirms India ratings at 'BBB/A-2' with 'stable' outlook

S&P affirmed India's sovereign ratings at BBB/A-2 with a stable outlook. Strong economic fundamentals will help India withstand near-term pressures. Growth is expected to moderate this fiscal year due to shocks. However, diversification and investment will support future economic expansion. Fiscal consolidation is expected to gradually reduce government debt levels.