Standard and Poor’s has reaffirmed India’s long-term sovereign rating at the lowest investment grade for the second time in four months, and it said it expects the economy to rebound from the impact of the COVID-19 pandemic.

The news keeps India’s hopes alive of keeping its coveted investment grade, with two other rating agencies — Moody’s and Fitch —having put it on a negative watch at their lowest investment grade ratings earlier this year.

“The stable outlook reflects our expectation that India’s economy will recover following resolution of the pandemic, and that the strong external settings will act as a buffer against financial strains,” S&P said.

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