Mumbai: Global agency Fitch Ratings said it has retained the ‘BBB-‘ sovereign rating – the lowest investment grade – on India and a revision will depend on the government’s efforts to usher in bold reforms. The agency has also retained ‘stable’ outlook for the country’s ratings. “India may have cleared the ground for progress on credit -supportive reforms, but the government’s willingness to make difficult choices remains to be tested,” Fitch said in a conference call from Hong Kong. Apart from Fitch, Moody’s also holds a stable outlook on the country’s sovereign ratings. The present ‘BBB-‘ rating is the lowest investment grade rating.