LONDON (Standard & Poor's CreditWire) Oct. 10, 2000--Standard & Poor's today revised the outlook on the Republic of India's double-'B' long-term foreign currency issuer credit rating to stable from positive. At the same time, Standard & Poor's affirmed its triple-'B'/'A-3' local currency and double-'B'/'B' foreign currency issuer credit ratings on India. The outlook on the long-term local currency issuer rating is stable. The outlook revision is based on the government's inability to accelerate the pace of economic reform. India's decision-makers, cutting across all major political parties, have been unable to build a consensus in favor of measures to correct weaknesses in public finances and modernize the country's pervasive and largely unreformed public sector. For example, over the past decade, the
