S&P: India foreign currency positive

Standard & Poor's said it revised its outlook on India's BB long-term foreign currency rating to positive from stable. The outlook on the BB+ long-term local currency rating was revised to stable from negative.

At the same time, all the ratings on India (foreign currency BB/positive/B, local currency BB+/stable/B) were affirmed.

"The outlook revisions reflect India's improving external liquidity and better prospects for the government's debt burden to stabilize," said S&P credit analyst Ping Chew. "In addition, India's robust foreign exchange reserves, which exceed 2000% of short-term debt, mitigate the risk of volatility in external confidence."

S&P also revised its outlook on the Export-Import Bank of India's BB long-term foreign currency rating to positive from stable, while the outlook on the BB+ long-term local currency rating was revised to stable from negative.

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