For India, year 2024 began on a sombre note with Fitch, a well-known credit rating agency, assigning the country a sovereign credit rating of 'BBB-' with a stable outlook. This rating, technically termed the long-term foreign-currency issuer default rating, holds significant weight as it is an evaluation of a country's creditworthiness by independent entities such as Fitch, Moody's, and S&P. While BBB- is categorised as 'investment grade', standing just a notch above BB+, which is junk bond status, the rating elicited surprise, disappointment and even ire across various sectors given India's robust growth trajectory and its distinction as one of the fastest-growing nations. High sovereign credit ratings go beyond merely massaging a country's ego.