OVERVIEW India's institutional strengths and high international reserves support our investment-grade rating on India. However, we note a marked slowdown in real growth, which complicates the government's debt dynamics and ability to implement reforms. We are affirming our 'BBB-/A-3' sovereign credit rating on India. The outlook remains negative, indicating that we may lower the rating to speculative grade next year if the government that takes office after the general election does not appear capable of reversing India's low economic growth. RATING ACTION On Nov. 7, 2013, Standard&Poor's Ratings Services affirmed the 'BBB-' long-term and 'A-3' short-term unsolicited sovereign credit ratings on India. The outlook on the long-term rating remains negative. RATIONALE Our rating affirmation rests on several key
