SINGAPORE (Standard&Poor's) Feb. 24, 2009--Standard&Poor's Ratings Services said today it revised the outlook on the long-term sovereign credit rating on the Republic of India to negative from stable. At the same time, Standard&Poor's affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on India. The outlook revision reflects our view that India's fiscal position has deteriorated to a level that is unsustainable in the medium term. We expect general government deficit, including off-budget measures such as oil and fertilizer bonds, to increase to 11.4% in the fiscal year ending March 31, 2009, from 5.7% in the previous fiscal year. "The government has implemented various policies that increase stress on its fiscal position ahead
