S&P sees no ratings impact from Mumbai attacks

Ratings agency Standard & Poor's does not believe the Mumbai attacks should affect India's sovereign rating providing they are an isolated case, it said on Thursday. Militants killed more than 100 people in coordinated attacks across India's commercial capital on Wednesday night, with battles and stand-offs continuing through Thursday. "Based on the scenario that these attacks were an isolated case, we don't expect there would be negative implications on India's macro economic activities or the government's fiscal position," credit analyst Takahira Ogawa said in a statement. S&P said it expected a short-term negative impact on the currency and stock exchange as well as a slowdown in tourist arrivals but that such effects would recede with time if there were no further attacks. It rates India as BBB- with a stable outlook.