Global rating agency Standard and Poor's on Thursday has reaffirmed India's sovereign credit rating at BBB- with a stable outlook.

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A 'BBB' rating signifies that an entity has adequate capacity to meet its financial commitments.

The rating agency, however, pointed out that India''s fiscal position remains precarious, with elevated fiscal deficits and net government indebtedness.

Fiscal deficits have exceeded the government''s plan, S&P said, adding it expects limited consolidation over the next few years.

"S&P Global Ratings affirmed it's ''BBB-'' long-term and ''A-3'' short-term unsolicited foreign and local currency sovereign credit ratings on India. The outlook on the long-term rating is stable," it said in a statement.

India's economic growth is estimated to slow down to 5 percent during 2019-20 and the government expects the GDP to rebound to over 6 percent in the next financial year.

First Published:Feb 13, 2020 4:07 PM IST