Fitch cuts India?s local currency rating outlook to negative from stable

Fitch cuts India?s local currency rating outlook to negative from stable

Fitch
Ratings today, 15 July 2008, lowered India's domestic rating outlook to
negative from stable due to the central government's worsening fiscal
position. The change in outlook was also partly due to a notable
increase in government debt issuance to finance subsidies not reflected
in the budget.

Fitch has maintained the country's BBB-minus
rating for both its local currency rating and its foreign currency
rating. The outlook on the country's foreign currency rating is stable.