Fitch reaffirmed India's rating at 'BBB-' with a Stable Outlook saying the rating balances a strong medium-term growth outlook.
Moody's expects economic growth to pick up in 2020 and 2021 to 6.6 per cent and 6.7 per cent respectively.
On Friday, the Centre announced a reduction in the base corporation tax rate to 22 per cent from 30 per cent.
This is credit negative for India's banks as it will limit their flexibility in managing interest rate risk, Moody's said in a statement.
RIL also entered a deal with BP to sell 49 pc stake in its fuel marketing business in India for USD 1 billion.
Sale of a significant stake in its tower assets would help in further debt reduction, said Moody's.
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