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Other major rating agencies have also remained broadly positive on India, though their growth forecasts differ. S&P Global Ratings, which upgraded India to ‘BBB’ with a stable outlook in August 2025, has cited strong growth, fiscal consolidation, better-quality public spending and resilient corporate and external balance sheets as key strengths. In its latest assessment, S&P lowered its FY27 growth forecast to 6.6% from 7.1%, citing the impact of the ongoing Middle East conflict, energy disruptions, higher energy prices and related pressures on trade and investment.