India budget negative for credit rating - Moody's

NEW DELHI (MarketWatch)
The government's budget for the coming fiscal year starting in April is "credit negative" for India's sovereign debt, rating agencies Moody's said on Monday
The country's sovereign rating currently stands at Baa3 with a stable outlook
"A dependence on corporate tax revenue and vulnerability to commodity prices and exchange rates weakens the government's credit profile," Moody's said. "
And the [...] budget's lack of specific policies to address these weaknesses is credit negative."
In its budget announcement on Friday, the government presented a fiscal deficit target of 5.1% of gross domestic product
However, it would take improved GDP growth and corporate profitability, lower commodity prices and stability in the exchange rate to achieve the target, Moody's said