Sri Lanka, Aug. 14 -- S&P Global said on Thursday that it has raised India's sovereign rating to BBB from the previous 'BBB-'.

The outlook on the long-term rating is stable.

This is the first time India has received a soverign rating upgrade since 2017.

BBB- is the lowest investment-grade rating by a credit rating agency.

An upgrade from that point results in lowering bond yields and better borrowing costs for the government. 'At the same time, we revised our transfer & convertibility assessment to 'A-' from 'BBB+'', according to a statement.

India's benchmark 10-year bond yield dropped 7 basis points since opening on Thursday, dropping to 6.4%.

'The stable outlook reflects our view that continued policy stability and high infrastru...