Moody's Investors Service on Monday said it was maintaining a stable outlook on India's Baa3 rating as problems such as slower growth and higher inflation were long-standing and already factored into the outlook.
The agency said that global and domestic factors, including potential shocks in agriculture, could keep India's growth below trend for the next few quarters.
But it felt recent negative trends were unlikely to become permanent or even medium-term features of the Indian economy.
"Furthermore, the impact of lower growth and still-high inflation will deteriorate credit metrics in the near term, but not to the extent that they will become incompatible with India's current rating," Moody's said in a report.