SINGAPORE (Standard&Poor's) Aug. 23, 2004--Standard&Poor's Ratings Services today revised its outlook on India's 'BB' long-term foreign currency rating to positive from stable. The outlook on the 'BB+' long-term local currency rating was revised to stable from negative. At the same time, all the ratings on India (foreign currency BB/Positive/B, local currency BB+/Stable/B) were affirmed. "The outlook revisions reflect India's improving external liquidity and better prospects for the government's debt burden to stabilize," said Standard&Poor's credit analyst Ping Chew, director in the Sovereign&International Public Finance Ratings Group. "In addition, India's robust foreign exchange reserves, which exceed 2000% of short-term debt, mitigate the risk of volatility in external confidence." Standard&Poor's also revised
