Global rating agency, Standard and Poor's today lowered India's rating outlook to negative, and warned of a downgrade in two years if there is no improvement in the fiscal situation. The lowering of outlook from stable, to negative is expected to make external commercial borrowings expensive for Indian companies. It may also have implications for the capital market.Reacting to the outlook revision by Standard and Poor's, Finance minister Pranab Mukherjee said, there is no need to panic. He expressed confidence that the country will overcome the difficulties faced by it. Mr Mukherjee said, a few Bills regarding economic reforms will come up for consideration in the current session of Parliament, while some others may be passed in the Monsoon session.Mr. Mukherjee was talking to media persons outside Parliament about reports of slowing of India's economic growth.Last year, Standard & Poor's had stripped the U.S. of its esteemed AAA credit rating.