This report supplements our research update "Ratings On India Affirmed At 'BBB-/A-3'; Outlook Stable," published on Oct. 19, 2015. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The sovereign credit ratings on India reflect the country's sound external profile and improved monetary credibility. These factors, combined with strong democratic institutions and a free press, both of which yield policy stability and predictability, underpin the investment-grade rating on India. These strengths are balanced against vulnerabilities stemming from the country's low per capita income and weak public finances. India's governing parties have made
