NY -- Standard & Poor's CreditWire 10/1/96 -- Standard & Poor's today has revised its foreign currency rating outlook on the Republic of India to positive from stable and has affirmed its double-`B'-plus rating on the Republic's long-term foreign currency debt. Standard & Poor's also assigns its triple-'B'-plus long-term local currency credit rating to India. The outlook on the local currency credit rating also is positive. The higher local currency rating reflects India's greater ability to service rupee-denominated debt owing to its powers of taxation and control over the domestic financial system. The outlook revision reflects improvements in India's economic performance and external payments position, which should be sustained if targeted fiscal adjustment can accompany the deepening of India's five-year-
