India's high growth and sizeable foreign currency reserves support the sovereign credit ratings. The country's weak fiscal position and level of economic development weigh on the ratings. We are affirming the 'BBB-' long-term and 'A-3' short-term unsolicited sovereign credit ratings on India. Although we see signs of improvement, risks to India's growth from stalled reforms in parliament still tilt the credit risks to the downside. Therefore the outlook on the long-term rating remains negative, indicating that there is at least a one-in-three chance that we will lower the ratings in the next 12 months. On May 17, 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
