Fitch withdraws rating on India's G-Secs; affirms 'BBB-' grade

New Delhi: Fitch today affirmed its 'BBB-' rating, indicating investment grade, while withdrawing all of issue ratings assigned to the government's unsecured debt following recent regulatory changes by Sebi.[caption id="attachment_1535081" align="alignleft" width="380"] The Fitch calculation. AFP[/caption]Fitch is withdrawing the ratings in view of recent changes effected by the Securities and Exchange Board of India (Sebi), the global credit rating agency said in a statement."Although, the rating agency will no longer maintain ratings on debt securities issued by the Indian sovereign, the agency will maintain India's Long-Term Foreign and Local Currency Issuer Default Ratings (IDR), Short-Term IDR, and Country Ceiling, which are unchanged," Fitch said.The agency most recently reviewed India's sovereign ratings on 9 April, and affirmed India's Long-Term Foreign and Local Currency IDRs at 'BBB-' with a stable 'Outlook'. The country ceiling was affirmed at 'BBB-' and the Short-Term Foreign Currency IDR at 'F3'.The affirmation of India's Long-Term Foreign and Local Currency IDRs balances the country's improved prospects for growth, inflation and external balances, against limited progress on the fiscal front, it said. PTI