The recent reform steps initiated by the Indian government had helped in "slightly" revising Standard and Poor's view on the country's credit rating, its analyst Kim Eng Tan said.
Structural growth slowdown is the main concern for India and the ratings agency will wait for more measures by the government to improve economic growth, Tan told CNBC-TV18 television channel on Wednesday.
"Right now we do see that government has taken some actions which we didn't expect initially. To some extent that has helped to revise slightly our views of credit downgrade," Tan said.
Standard & Poor's warned that India still faced a one-in-three chance of a credit rating downgrade within the next 24 months despite a new drive for economic reform that was launched in September.