Global credit rating agency Standard & Poor's (S&P) on Friday reiterated its negative outlook on India's credit rating, dealing a tough blow to the government which had recently pitched for an upgrade.

S&P maintained the country's sovereign credit rating at BBB minus (BBB-) and A-3 for long term and short term, respectively. The country's credit outlook, which has long been the government's biggest concern, is still negative, merely one notch above the so-called `junk' status.

The global credit rating agency didn't find any considerable change at the macro level in the country. The agency also warned that it could even lower the rating in case it found that government reforms would not lead to economic growth.

The agency said in the review, "We may lower the rating if we conclude that slower government reforms than we currently expect would not lead economic growth to recover to levels experienced earlier this decade."

Measures taken by the government to boost economic growth included the formation of a cabinet committee on investments, but S&P apparently was not convinced that the committee would produce the desired results.

It cautioned the government on the issues of anemic investment growth, reversals on subsidy measures and incapability to meet increased demand for electricity.

However, S&P also noted that the government managed to regain some control on public finances and implemented some much-required structural reforms since September last year.