SINGAPORE (Standard & Poor's) Feb. 2, 2005--Standard & Poor's Ratings Services today raised its long-term foreign currency rating on India by one notch to 'BB+', and affirmed its 'BB+' long-term local currency, and short-term ratings. The outlook is stable. The upgrade on the foreign currency reflects India's improved external position and growth prospects. Standard & Poor's also raised its long-term foreign currency rating on the Export-Import Bank of India by one notch to 'BB+' in line with the upgrade on the sovereign credit rating. "India's external balance sheet has strengthened markedly, due to reserves accumulation and prudent debt management, which should lower the external liquidity risk from its fiscal vulnerability," said Standard & Poor's credit analyst Ping Chew, director, Sovereign
