New Delhi, Sept. 2 -- In August, Fitch Ratings affirmed India's long-term sovereign risk rating at 'BBB-' with a stable outlook-a rating level India has held for 20 years. This is a notch lower than the 'BBB' and 'Baa3' ratings assigned by S&P Global and Moody's, respectively.

On the Fitch ratings scale, India is at the minimum investment grade, any lower and it would fall into the speculative category. The other two rating agencies place India a notch above investment grade.

India's prolonged stay at the minimum investment grade rating level has come in for much discussion. An often-heard view is that the country is rated harshly by global credit rating agencies given its size, economic growth and political stability. What methodology ...