Indicating more reform initiatives in the next two years, Finance Minister P. Chidambaram has said that there is no serious threat of downgrade of the country's credit rating by Standard and Poor's, S&P.

The Minister was addressing a press conference on the sidelines of the IMF-World Bank annual meetings in Tokyo yesterday. He said that there would be lot of action on the reforms front in the next 24 months, the timeline provided by the S&P.

The rating agency had in its report on Wednesday said that there was one-in-three likelihood of rating downgrade for India if the country's economic growth prospects dim, its external position deteriorates, its potential climate worsens, or fiscal reforms slow.