ETFs that invest in India fell sharply in early U.S. trading Monday after Standard & Poor’s warned that India may be the first of the so-called BRIC countries to lose its investment-grade status.

Exchange traded products that track India include WisdomTree India Earnings Fund (NYSEArca: EPI), iPath MSCI India ETN (NYSEArca: INP), Powershares India Portfolio ETF (NYSEArca: PIN), iShares S&P India Nifty 50 Index Fund ETF (NYSEArca: INDY) and iShares MSCI India Index Fund (NYSEArca: INDA).

They were suffering losses of about 2% on Monday in the wake of the S&P warning.

“Slowing GDP growth and political roadblocks to economic policymaking are just some of the factors pushing up the risk that India could lose its investment-grade rating,” S&P said, according to a Reuters report.