NEW YORK (Standard & Poor's) Sept. 19, 2002--Standard & Poor's Ratings Service said today that it has lowered its local currency sovereign credit ratings on the Republic of India, as the country's debt burden continues to grow and the finances of the public sector weaken. The long-term local currency sovereign credit rating was lowered to double-'B'-plus from triple-'B'-minus, and the short-term local currency sovereign credit rating to single-'B' from 'A-3'. At the same time, Standard & Poor's affirmed its double 'B' long-term and single-'B' short-term foreign currency sovereign credit ratings on the republic. The outlook on both long-term ratings remains negative. India is the eighth sovereign state to lose its investment-grade rating on its local currency debt since Standard &
