Moody's posts stable outlook for India

MANILA, PHILIPPINES: After Standard & Poor's negative rating, India has something to cheer. Tom Byrne, a senior vice president of rating agency Moody's Investors Service, said on Wednesday that has some leeway to get reforms back on track with its long-term growth prospects.

Also read: How India can avert S&P's negative rating

"There is no imminent funding crisis because of policy slippages," Byrne told reporters at the Asian Development Bank's annual meeting in Manila, explaining the rating agency's stable outlook for India.

Also read: S&P cuts India outlook from stable to negative

Standard & Poor's last week cut India's outlook to negative from stable, citing its large fiscal deficit and expectations of only modest progress on reforms given political constraints, battering stocks, bonds and the rupee.