"As sovereign debt is very much in the spotlight, I wanted to forward a link to a view of ratings from an Asian publication.

"The writer makes interesting points questioning what appears to be rating agencies' West-centric stance.

"Always enjoy your and Mr. Treacy's daily commentary and the contributions of your far-flung reader base. Hope the link above adds something of interest and increasing relevance."

Eoin Treacy's view Thank you for this interesting article, contributed in the spirit of Empowerment Through Knowledge. Ratings agencies were implicit in the formation of the credit crisis and they have lost a great deal of credibility over the last few years. The implicit reactionary nature of their predictions demonstrates the politicisation of their business rather than the integrity of their method. Investors have been voting with their feet, demonstrated by the outperformance of commodity led and emerging market currencies, bonds and stock markets since late 2008. The current correction will question this trend but is unlikely to derail it.