SINGAPORE (Standard & Poor's) Jan. 8, 2003--Standard & Poor's Ratings Services today affirmed its 'BB' foreign currency and 'BB+' local currency long-term sovereign credit ratings on the Republic of India, as well as its 'B' short-term credit ratings. The outlook remains negative. "India's ratings remain constrained by high public debt and serious fiscal inflexibility," said Takahira Ogawa, Standard & Poor's Director of Sovereign Ratings in Asia-Pacific. "The consolidated debt of the central and state governments is expected to hover around 80% of GDP this year, and interest payments alone are likely to consume nearly half of central government revenue," he added. "The ratings are supported at their current level by India's ample external liquidity," Mr. Ogawa expanded. "Record high foreign
