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NEW DELHI, June 12: India's ruling party, officials and a top business group on Tuesday criticised US ratings agency Standard and Poor's for threatening to downgrade the country's credit rating into “junk” status.
Standard & Poor's report, titled “Will India be the first BRIC Fallen Angel?” warned on Monday that India could be the first of the BRIC emerging economies to lose its investment-grade rating unless it revives growth and embraces reform.
“There may be some hidden criteria (which S&P follows), but they didn't explain it to us,” R. Gopalan, India's economic affairs secretary, told reporters.—AFP
