SINGAPORE (Standard & Poor's) Jan. 30, 2007--Standard & Poor's Ratings Services today said that it had raised its sovereign credit ratings on the Republic of India to 'BBB-/A-3' from 'BB+/B'. The outlook is stable. The upgrade to investment grade reflects the country's strong economic prospects and external balance sheet, and its deep capital market, which supports a weak, but improving, fiscal position. "India's economic prospects remain strong and are rising gradually, with GDP trend growth likely to average more than 7.5% in the medium term," Standard & Poor's credit analyst Ping Chew said. "Gradual reforms and consistent monetary and fiscal policy stances have also sustained macroeconomic stability. This has led to strong growth prospects and attracted foreign and nonresident Indian
