Dec 24, 2009. /Lesprom Network/. Standard & Poor's Ratings Services revised its rating outlook on India's Ballarpur Industries Ltd. to stable from negative. At the same time, Standard & Poor's affirmed its 'BB-' long-term corporate credit rating on Ballarpur Industries, as Reuters India reported. "We expect Ballarpur to complete its paper capacity expansion in 2010, which, in our view, will improve the company's economies of scale and strengthen its cash flows over the medium term," said Standard & Poor's credit analyst Yasmin Wirjawan. "The stable outlook reflects our expectation that Ballarpur's cash flow measures will improve, supported by continued stable demand in the domestic paper market and better operating environment at its overseas operations," Ms. Wirjawan said. The rating may be lowered if Ballarpur's credit measures deteriorate due to higher-than-expected debt (to fund capital expenditure) or a weak operating environment. It could be raised if the company is able to maintain its ratio of debt to EBITDA below 4x, after taking into consideration material improvements in its Malaysian operation, capital expenditure, margins, and liquidity, along with a continued improvement in its operating environment.