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S&P Global Ratings on 27 August 2026 affirmed India's long term sovereign credit rating at 'BBB' with a stable outlook, about a year after upgrading India from 'BBB minus' to 'BBB' in August 2025, its first upgrade since 2007. The agency projected economic growth of around 6.6 per cent for the current financial year but flagged the risk of slippage in the Centre's fiscal deficit target for 2026 to 27, which is budgeted at 4.3 per cent of GDP. S&P said continued fiscal consolidation would be a key factor in any future upgrade to India's rating.