This report supplements our research update "India Outlook Revised To Stable From Negative; Ratings Affirmed At 'BBB-/A-3," published on Sept. 26, 2014. 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 ratings on India reflect the country's strong external profile, combined with its democratic institutions and free press, both of which underpin policy stability and predictability. These strengths are balanced against the vulnerabilities stemming from the country's low per capita income and weak public finances. India's external position is a key credit strength. The country has relatively little external debt and
