S&P said this in its report titled '2008 Asia-Pacific Markets Outlook', which was released on Wednesday.
The report, which covers S&P's expectations for Asia-Pacific's economy, credit and equity markets in the year ahead, said Indian corporates generally would not be affected by a potential contagion in global and regional credit markets.
"Strong domestic and export demand continues in line with expectations, and Indian corporates are not likely to face significant challenges in accessing resources," said Anshukant Taneja, senior director, Corporate and Infrastructure Ratings, S&P Rating Services, Asia ex-Greater China.
The rating agency has a stable outlook on the Indian banking and insurance industries, which are likely to continue to grow strongly in 2008.
"In 2008, the Indian banking system, which has been unaffected by the US sub-prime markets, will continue to reap benefits of strong domestic economic growth.", said Ritesh Maheshwari, senior director, Financial Institutions Ratings, S&P Rating Services, Asia ex-Greater China.
Overall, economies in the Indian sub-continent, on the whole, have proven resilient to the vagaries of politics in the past and are likely to continue to be so in 2008.
According to the agency, since India continues to show a very rapid growth in energy consumption, domestic growth drivers may be hindered by high oil prices for a sustained period of time and may impact the ability of the Indian economy to grow under its own steam.
The report said that Central Banks' measures are expected to slow down economic growth marginally in 2008 with real GDP growth projected at about 8.1-8.6 per cent as against 8.5-9.0 per cent in 2007.
