India says US downgrade situation 'grave'

The downgrading of the US's top-tier credit rating has created a grave situation, India's finance minister was quoted as saying on Saturday.

"We will have to analyze (the downgrade). It will require some time. The situation is grave and there is no gain in making off-the-cuff remarks," Pranab Mukherjee was quoted as saying by the Press Trust of India news agency. The United States lost its top-tier AAA credit rating from Standard & Poor's on Friday. (Reuters)