India in talks for higher rating with Fitch: official

May 17, 2012 |

Reuters

New Delhi

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India is trying to press for a ratings upgrade with officials at Fitch Ratings agency, who are in New Delhi to take stock of the economy, a government official said on Thursday.

"We pitched for an upgrade," a finance ministry official, told reporters after the meeting.

The Fitch visit came a day after the rupee tumbled to a record low against the dollar, as risk aversion in global markets added pressure on a currency already under fire from the country's weak current account and fiscal deficits.

In April, Standard & Poor's downgraded the outlook for India to negative from stable, citing poor fiscal health and deteriorating economic indicators.

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