Standard & Poor's Ratings Services has revised the outlook on India tostable from negative. At the same time, S&P affirmed the ‚BBB-‘long-term and ‚A-3‘ short-term sovereign credit ratings on India as theyexpect India's fiscal position to improve over the next few years and itseconomy to maintain strong growth momentum.

The revision in outlook reflects S&P's view that India's fiscalposition could now begin to recover and that its economy will remain on a stronggrowth path. However, Standard & Poor's will continue to monitor thegovernment's me­asures to rein in public finances. The sovereign ratings onIndia could be raised, if the government continues to reduce the publicsector's deficits materially. Conversely, if the government continues its loosefiscal policy or there are policy setbacks on monetary, financial, and economicfronts that lower India's medium-term growth prospects could result in adownward pressure on the ratings.

For more detailed information on S&P's rating please go to: http://in.reuters.com/…023520100318