SINGAPORE (Standard & Poor's) Dec. 16, 2003--Standard & Poor's Ratings Services today revised the outlook on India's 'BB' long-term foreign currency rating to stable from negative to reflect the sovereign's improving external finances. The outlook on India's 'BB+' long-term local currency rating remains negative because of the government's continuing difficulty in addressing its fiscal problems and structural reforms. Both foreign and local currency short-term ratings on the sovereign were affirmed at 'B'. "Rapidly increasing external liquidity, sustained by growing foreign exchange reserves (exceeding 700% of short-term debt), and modest debt service payments sparked the revision in the foreign currency outlook," said Standard & Poor's credit analyst Takahira Ogawa, Director in the Asia-Pacific Sovereign Ratings Group. Foreign exchange reserves should equal
