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We investigate the saturation effects of power broadening, Stark shifting, and population transfer on Stokes conversion in stimulated Raman scattering. We do not make the usual rotating wave approximation because the detuning from the next electronic state is assumed to be in the optical regime. Retaining the counter-rotating terms allows an exact determination of the pump and Stokes indexes of refraction. Steady-state solutions for the Stokes intensity and phase are obtained and the effects of making the rotating wave approximation (RWA) are discussed. Finally, we examine the behavior of these solutions for Stokes conversion in hydrogen gas when geometric propagation is appropriate.