Credit rating agency Moody’s is in a glum mood, and is busy re-writing score cards. Thursday, it was India’s time in the limelight, its outlook reduced to negative from stable. Friday Britain was in the firing line, threatened with a downgrade of its sovereign debt from the current Aa2 (AAA was lost in 2013). Today The Telegraph reports that the whole world’s debt was reduced from stable to negative on fears that political turmoil from Westminster to Hong Kong pose a threat to the economy. They also said the populism and trade tensions increased the risk of bigger economic shocks, Argentina and South Africa singled out for especial scrutiny.
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