Wednesday, September 6 2006 11:26 Hrs (IST) - World Time -

New Delhi: Global credit rating agency Standard & Poor's yesterday (Sept 5, 2006) said India's rating could be raised if government deficits and debt ratios continues to decline.

"S&P's ratings on India could be raised if general government deficits and debt ratios continue to decline, and if recent growth momentum is sustained," the rating agency said in a report.

However, if the fiscal consolidation stalls or the reform agenda derails, the present positive outlook could be revised to stable, it cautioned.

Performance of state governments could be more impressive, S&P said.