LONDON (Standard & Poor's CreditWire) April 20, 1999--Standard & Poor's today affirmed its double-'B' foreign currency and triple-'B' local currency long-term issuer credit ratings on the Republic of India. At the same time, Standard & Poor's affirmed its single-'B' foreign currency and 'A-3' local currency short-term issuer credit ratings on the Republic. The outlook is stable. The affirmation reflects the fact that India's reliance on weak coalition governments is factored in at current ratings levels. Frequent changes of government are the inevitable consequence of the fragmentation of India's voting patterns in recent years, the long-term decline of the once-dominant Congress party, and the heightened assertiveness of regional political groupings. The fall of the Vajpayee administration last Saturday (April 17, 1999)
