Moody's rating service is making noises that may indicate a possible downgrade for India's sovereign credit rating is imminent:
No wonder Chidambaram has been assiduously claiming that he intends to hold the line on the budget. But after having already brought in various populist measures, his latest vows of fiscal chastity may not be relevant.
S&P isn't sounding positive either, so they may downgrade too. At that point, India's rating would be at junk level.