S&P says chances of India downgrade higher than for Indonesia - Bloomberg

Reuters
Labourers work at the construction site of a shopping complex in Noida, on the outskirts of New Delhi September 1, 2013. REUTERS/Anindito Mukherjee

MUMBAI (Reuters) - Standard & Poor's considers chances of a credit ratings downgrade for India higher than for Indonesia, Bloomberg News reported on Tuesday, citing comments made by an analyst of the credit rating agency at a briefing in Seoul. S&P analyst Kim Eng Tan also said there was more than a one-in-three chance for India rating cut within two years, according to Bloomberg. S&P has a "BBB-minus" rating on India with a "negative" outlook. A downgrade would push Asia's third largest economy to "junk" status. S&P rates Indonesia at "BB-plus." The rupee touched a session low of 67.36 to the dollar after the news. (Reporting by Suvashree Dey Choudhury and Subhadip Sircar; Editing by Rafael Nam)