On Oct. 31, 2008, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on the Republic of India. The outlook on the long-term rating remains stable. The ratings on India reflect the country's strong economic growth prospects and its deep government debt market, which helps accommodate its weak fiscal position. India's economic prospects remain strong with growth likely to average more than 7.0% in the medium term. Underpinning that growth is the gradual deregulation of the industrial sector, continued trade liberalization, a dynamic service sector, and modest improvements in infrastructure. Given the buoyant private and public investments with some progress in economic reforms, India's business environment is likely to improve in the years ahead,
