Moody's Investors Service still considers India's sovereign ratings at 'stable', saying the growth slowdown was not irreversible, while the current 'Baa3' rating reflected the country's medium-term outlook.

The ratings agency said the recent spate of reform measures announced by the Indian government would not change the outlook, because the fiscal deficit would likely still exceed the country's target, said Atsi Sheth, vice-president, Sovereign Risk Group at Moody's in a teleconference from New York.

(Agencies)

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