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Fund managers warn that the pain may not be over for Indian banks after S&P Global Ratings downgraded three lenders and Fitch Ratings said that the credit quality of public-sector lenders is under pressure.Syndicate Bank and Bank of India had their debt scores cut to below investment level while Indian Overseas Bank was pushed deeper into junk territory on Monday by S&P, which cited the weakening asset quality of the three public-sector lenders. It also revised the outlook for Union Bank of India to negative.India's banks are saddled with $131 billion of impaired assets that threaten to stunt growth in an economy that's expanded at the fastest rate among the world's major nations. Western Asset Management Co said that there are concerns that Indian banks' bad loans could deteriorate in coming quarters."Is this the end or is there more to come?" said Swee Ching Lim, a portfolio manager at Western Asset in Singapore. "The worry is that there could be more NPL recognition beyond w