This report supplements our research update "Rating On India Affirmed At 'BBB-/A-3'; Outlook Remains Negative," published on Nov. 7, 2013. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The sovereign credit ratings on India rest on several key strengths. These include a robust participatory democracy of more than 1 billion people and a free press; low external debt and ample foreign exchange reserves; and an increasingly credible monetary policy with a largely freely floating exchange rate. These strengths are counterbalanced by significant weaknesses, which include an onerous burden from its public
