Global rating agency Fitch on Monday said the
reform measures announced by the government last week appear "credit positive", while S&P said the steps are "encouraging development".
Both the agencies said they are not looking at revising the credit rating. They added that they want see how the measures will be implemented and how the economy will react to them.
"We await evidence of implementation of the measures on the ground and will also look to see how the economy reacts," Fitch Ratings said in a late evening note.
"At the first glance, the reform measures appear credit positive" and will have a positive impact in the medium to long term, it added.
"If the measures proposed by the government are implemented, we would expect a medium-to-long-term positive impact on the
macro-economy," S&P Director for sovereign ratings Takahira Ogawa, said in a note.
"As with all of our ratings, we will update our views when we see the need for it. At this stage, it is still uncertain whether these measures can be implemented."
Both the agencies, which had earlier downgraded their outlook on the country's rating, said the slew of reform measures are easier to announce than implement and also do not address the core issue of containing fiscal deficit.
"Recent measures have mainly focused on economic growth and haven't added clarity to the government's plans regarding its own balance sheet and fiscal consolidation," Fitch said adding the fiscal deficit prints would shoot to 5.7 per cent from the targeted 5.1 per cent. .
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