Rating downgrade rears its head again

Rating companies and politicians have something in common - both are discredited, but indispensable in a socioeconomic system. The nation is suddenly back at a stage where one unreliable entity will evaluate the performance and potential of the other. The devil of a sovereign rating downgrade, that was nearly slain with the return of P Chidambaram to the finance ministry, who surprised by spending less than forecast - a sweet black swan event - is rearing its head again.

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