Department of Investment and Public Asset Management (DIPAM) Secretary Atanu Chakraborty.. Image Source: IANS News

New Delhi, Dec 3 : Economic Affairs Secretary Atanu Chakraborty on Tuesday said that S&P has reaffirmed sovereign rating of India at BBB- with a stable outlook.

In a series of tweets, he said: "...They have stated that India's economy continues to achieve impressive long-term growth rates despite a recent deceleration..

"S&P expects the Indian economy to continue to out-perform its peers and that the growth will remain strong over the next 2 years." Last month, Moody's cut India credit rating outlook to negative, citing a host of problems from a worsening shadow banking crunch and a prolonged slowdown in the economy to rising public debt.

The sharp slowdown in growth and a surprise corporate tax rate cut is expected to put government finances under added pressure this year.

S&P maintained its outlook on India despite 4.5 per cent GDP growth in Q2, the lowest in last six years.

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