Is it a positive indication that S&P has held India’s rating even though Moody’s had downgraded India recently?

It must be remembered that Moody’s had upgraded India’s sovereign debt rating in 2017 from Baa3 to Baa2. Therefore, when it downgraded India sovereign debt in May 2020, it only reverted to the pre-2017 situation. At that time, S&P had refused to upgrade India so the latest decision to hold India’s rating only retains India’s rating at the lowest investment grade level. However, the difference is that, unlike Moody’s which also changed India’s outlook to negative, S&P has retained the outlook as "Stable". To that extent, S&P ratings on India are now more favorable than Moody’s, where even the outlook is negative. However, S&P has warned that if the lag effect of COVID-19 persisted longer than anticipated, then there was a strong chance of the rating and the outlook being downgraded from current levels. S&P has also pointed out that due to the gradually diminishing current account deficit, the foreign exchange vulnerability is much lower today.