Fitch’s downgrade not a cause of worry: FM

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: Finance minister P Chidambaram has downplayed the lowering of India’s credit outlook by global rating agency Fitch, saying it is not a cause of worry as economic fundamentals are strong. “One rating agency has revised the outlook from stable to negative. I do not think that should cause us too much worry. We must look at fundamentals which I believe are still strong, but facing difficulties. I do not think we should worry about outlook,” he said.

Fitch has earlier this week revised the local currency outlook of India to negative from stable because of fiscal pressures. Distinguishing between a rating and outlook, Chidambaram said what Fitch has done is to take one step down on the outlook from stable to negative, but the rating remains the same for the country.