International ratings agency Standard & Poor's Monday lowered India's GDP growth perspective by one percentage point to 5.5 percent for the 2012-13 fiscal year, mainly due to poor monsoon rains and Euro-zone crisis. "The lack of monsoon rains has affected India, for which agriculture still forms a substantial part of the economy. Additionally, the more cautious investor sentiment globally has seen potential investors become more critical of India's policy and infrastructure shortcomings," S&P said in a statement. The Indian economy grew at 5.5 percent in April-June 2012 period, against 8 percent in the corresponding quarter of last year, after a lower 5.3 percent in the first quarter of the year. The agency has also lowered GDP growth forecasts for 2012 by about half a percentage point for China to 7.5 percent, Japan to 2 percent, South Korea to 2.5 percent, Singapore to 2.1 percent and Taiwan of China to 1.9 percent. GDP growth forecast for Hong Kong of China is revised downward by about one percentage point to 1.8 percent, while for Australia it is lowered to 3 percent. "Any worsening of the economic conditions in the Eurozone will increase contagion risk for Asia Pacific, given the region's -- particularly the open economies' -- sensitivity to capital flows and trade," S&P credit analyst Andrew Palmer said in the report.