Just couple of days after world's largest credit rating agency announced its fascination towards another Indian, Netherlands' credit rating was downgraded. Company has announced to degrade country to AA+ band after a continuation of slowdown in the country.
Couple of days before S&P has announced its new boss, Indian origin Neeraj Sahai. Last time Indian origin Devan Sharma made news when he downgraded USA. Unfortunately only three weeks after the decision he left S&P. Although company gave justification regarding the designation, truth may be something else far from the covered area.
As per S&P Netherlands' growth forecast and prospects are weaker than anticipated by agency prior. Moreover GDP per capita growth is also lower than its peers of the same group. Post this downgrade only Germany, Luxembourg and Finland are the only one with Gold class ratings. Out of 17 member Euro Zone, this number looks quite detrimental for future of the block.
In a separate announcement agency has also raised the outlook for Spain's debt to Stable from negative. This was the effect of economic growth in the country being gradually resumed.
The important aspect is to see Mr. Sahai's fortune in S&P in the light of these all consequences along with the lawsuit company is facing from US Dept of Justice.
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