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Mumbai, Nov. 28

Standard & Poor’s Ratings Services on Friday said the terrorist attacks in India will not have a direct effect on the country’s sovereign ratings (BBB-/Stable/A-3), provided they are an isolated case.

“Based on the scenario that these attacks were an isolated case, we don’t expect there would be negative implications on India’s macroeconomic activities, or on the government’s fiscal position,” Standard & Poor’s credit analyst, Takahira Ogawa, said.

“In the short term, we expect there will be a slowdown of tourist arrivals (particularly business travelers to India), and some negative impact on the foreign exchange and stock exchange markets, but such short-term effects will recede over time if there are no further attacks,” the analyst said.

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