S&P: budget will not impact India's sovereign ratings

Mumbai: Standard & Poor's said on Thursday India's budget for the 2013/14 fiscal year would have no impact on the country's sovereign credit ratings, warning there was potential for the government to exceed its budgeted spending.

S&P also said there had been "little progress" in structural reforms to reduce the "vulnerability" in the government's fiscal position.

S&P last year cut its outlook on India's "BBB-minus" sovereign ratings to "negative", threatening to push the country into sub-investment category.