MUMBAI, Oct 10 (Reuters) - Ratings agency Standard & Poor'swarned on Wednesday about a significant chance of downgradingIndia's credit rating, reiterating its June stance if growthprospects and external position worsen, or fiscal reforms slow.
However, there is a possibility of India's outlook beingrevised back to stable if the government goes ahead with stepsto reduce structural fiscal deficits, improve the investmentclimate, and increase growth prospects, it said in a statement.
S&P had downgraded India's rating outlook to negative fromstable in April.
India has a rating of BBB-, the lowest investment rating inthe so-called BRIC economies.
(Reporting by Neha Dasgupta)
Keywords: INDIA ECONOMY/S&P