(RTTNews) - Standard & Poor’s Ratings Services has maintained its ‘BBB-’ long-term and ‘A-3′ short-term sovereign credit ratings on India, according to media reports released on Friday. The rating agency said that the ratings on India reflect the country’s strong economic growth prospects and its deep government debt market, which helps accommodate its weak fiscal position.

The outlook on long-term rating remains stable, even as it said ” ratings on India remain constrained by a weak fiscal profile, especially the high government debt burden and deficit, which are still among the larges for rated sovereigns.” The sovereign ratings are also constrained by the low per capita income of the country, which points to the challenges of poverty alleviation. Infrastructure needs remain high in both the huge agricultural sector and the industrial sector. “Higher oil prices and populist measures for the coming general election have weakened the government’s efforts in fiscal consolidation,” it said.

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