Global rating agency Standard & Poor's (S&P) on Thursday affirmed India's sovereign credit rating at `BBB-' along with a negative outlook, and cautioned that the country's rating hinges on the next year's poll outcome.

S&P said in its latest report that it would review India's rating only after the new government declares its policy agenda following the 2014 elections. It added that its action would depend on the next government's capability to reverse the country's vacillating economic growth.

The rating agency even warned of a possible downgrade in the country's credit rating in the review after next year's general elections.

Issuing the warning, S&P said, "The negative outlook indicates that we may lower the rating to speculative grade next year if the government that takes office after the general election does not appear capable of reversing India's low economic growth."

In its previous review, conducted in May this year, S&P had hinted one-in-three chances of a downgrade India's credit rating within a year.

Currently, India's sovereign credit rating stands only a notch away from junk status.

The rating agency added that based on a broader measure of general government deficits, it estimated a gross domestic product (GDP) of 7.2 per cent for India's fiscal year 2014.