SINGAPORE (Standard&Poor's) Aug. 23, 2004--Standard&Poor's Ratings Services today revised the outlooks on its long-term foreign currency ratings on the State Bank of India (SBI; foreign currency BB/Positive/B, local currency BB+/Stable/B) and ICICI Bank Ltd. (foreign currency BB/Positive/B) to positive from stable. The outlook on its 'BB+' long-term local currency rating on SBI was also revised to stable from negative. At the same time, the counterparty credit ratings on SBI and ICICI Bank were affirmed. Standard&Poor's revised the outlook on India's 'BB' long-term foreign currency rating to positive from stable, while the outlook on the 'BB+' long-term local currency rating was revised to stable from negative (see related media release "Outlook on India 'BB' FC
