In its report titled "Will India Be The First BRIC Fallen Angel?" S&P has said that India could be the first BRIC economy to lose its investment-grade status.

The current sovereign rating for India is BBB-, the lowest investment grade rating.

Some of the factors for this low outlook are slowing GDP growth, and political instability, among others.

The BRIC economies consist of Brazil, Russia, India, and China, and India already has the lowest S&P rating among them.