S&P upgrades India's rating

International rating agency Standard & Poor's Ratings Services on Monday revised its outlook on India's 'BB' long-term foreign currency rating to positive from stable, based on the improving external position.

The outlook on the 'BB+' long-term local currency rating was also revised to stable from negative, S&P said in a statement from Singapore.

At the same time, all the ratings on India were affirmed, it added.

"The outlook revisions reflect India's improving external liquidity and better prospects for the government's debt burden to stabilise", said S&P's credit analyst Ping Chew, director in the Soverign & International Public Ratings Group.

"In addition, India's robust foreign exchange reserves, which exceed 2000 per cent of short-term debt, mitigate the risk of volatility in external confidence," he added.