In case your memory is blurred by everything that transpired with the CDO’s let me refresh it. The CDO was basically a collection of mortgages that were pooled, rated and then sold to investors. For the most part they were rated “AAA” by all of the rating agencies. The problem started when some of them began to have homeowners that could not meet their obligations.
Apparently I did a lot of India growth stories through my postings. In the month of April when S&P downgraded India BBB- ? that is the last rung in the ratings grade of S&P ,downgrade from here meaning India will be having speculative grade rating. I am very positive about it I don’t believe India’s growth problems are mainly related to global slow down. They are more structural in nature & need systemic changes.