Fitch denies India's sovereign rating, rate India at lowest Investment Grade
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The ratings by Fitch on Friday has retained India’s sovereign at the lowest possible investment grade. The reason behind allotting India as lowest Investment Grade was due to the Rs 130-billion fraud at Punjab National Bank and this may lead to capital infusion by the government to state-owned lenders. Fitch rating has kept India’s Long-Term Foreign –Currency Issuer Default rating at BBB-a stable outlook.