S&P has in its report released has reaffirmed the Sovereign Credit Rating of India  at BBB- with outlook as stable.

In their Summary publication on India they have stated that:

• India’s economy continues to achieve impressive long term growth rates despite a recent deceleration. It is believed that the economic slowdown is cyclical rather than structural.
• They expect the economy to continue to outperform its peers on the back of rising domestic demand and strong demographics.

They have maintained a stable outlook on the basis of their expectation that over the next two years the growth will remain strong and India will maintain its sound net external position and fiscal deficit will remain elevated but broadly in line with their forecast.

Sovereign credit rating reaffirmation maintains stable outlook as growth and external position expected to remain strong. The publication records reaffirmation of India's Sovereign Credit Rating at the existing investment grade level with a stable outlook, premised on sustained long term growth despite a recent cyclical slowdown, rising domestic demand and favorable demographics. The stable outlook is conditioned on growth remaining strong over the next two years, maintenance of a sound net external position, and a fiscal deficit that stays broadly in line with the agency's forecast.