Ahead of its annual sovereign ratings review scheduled for next month, Fitch said that sustained fiscal consolidation, structural reforms and low inflation are positive for the country's ratings.
The agency has a 'BBB-'rating for the country with a stable outlook, which is the lowest investment grade rating, while Moody's has Baa3 and S&P has a BBB- outlook both with stable outlook.
"Sustained fiscal consolidation or fiscal reforms, leading to a decline in the ratio of general government debt to GDP and implementation of structural reforms that raise the potential growth rate are positive for the country's ratings," Fitch said in a report. The agency said establishing a credible low-inflation environment will also be favourable for the rating