S&P, which has a long-term credit rating of 'BBB-' on India, just one notch above junk, said it may have to revise its base-case assumption of 11% growth over fiscal 2021/2022, especially if wider containment measures are re-imposed.
The rating agency noted that the pace and scale of recovery from the second wave of COVID-19 infections will have implications for India's sovereign credit rating.
The Asia-Pacific region is susceptible to contagion from the highly infectious COVID-19 variants present in India, given the low ratios of vaccination in the region, S&P said.
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