Sunday 13 November 2011

Mistake or "Kite-flying"???

Mistake or "Kite-flying"???

I happened to read with keen interest the article about "Downgrading France's credit rating by mistake":

In these tough financial times, a simple typo in an ordinary letter would get a clerk sacked from his organisation. I certainly don't believe for a moment that an organisation supposedly in the business of credit rating can actually reduce the credit rating of an entire nation "by mistake".

So, what gives?

My guess: Certainly, there's more to it than meets the eye. The whole issue looks suspiciously like a case of "Kite flying". Some folks out there must have wanted to evaluate the potential reactions to a change in credit rating from the powers-that-be and the likely impact on the European mess before actually going ahead with an actual downgrade.

But then, ... ... ... ... ... isn't it rather silly?

Forget the ratings for a nation. If an organisation like CIBIL downgrades the credit rating of an indivividual "by mistake", I'm sure that they'll end up facing a demand for compensation in an appropriate consumer court.

LOL!!!

Regards,

N


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