The Indian behind U.S. downgrade
By siliconindia   |   Thursday, 11 August 2011, 00:52 IST   |    61 Comments
Printer Print Email Email
The downgrading came as a shock to investors across the world as it caused some major market downturn and it sent jitters to many governments who held emergency meetings to map out plans to cope with any adverse impacts.
Reaffirming the fact that the rating cut was in the best interest of investors, in an interview with The Wall Street Journal, he said "Our ratings are forward-looking. And part of making ratings forward-looking is for the benefit of investors, to give them a view about how we see the future risks of the credit unfolding." Answering a question during the WSJ interview on the push back he received from U.S. government officials over the downgrade, he said "There are seldom occasions when people say 'we recognize.' We are supposed to be objective, and others are always trying to convince us why the risk is less than we think it is. And our job is to tell the investor: this is where we think the risk is. Even countries where we have upgraded, they think we are being unfair. They think we should upgrade them even more."

siliconindia