The Temasek has roared. It has roared because it has been angered.
Who angered it ? The stupidity of the rating agency S&P has angered it because of a downgraded rating.
This is what happened.
S&P, the most stupid rating agency in the world that gave AAA rating to all sub-prime bonds has recently downgraded Temasek Holdings. Temasek Holdings is Singapore’s sovereign wealth fund.
S&P was so idiotic that it has rated Temasek in the lines of Greece. Greece is about to default in a month.
Temasek has been rated AAA for the last 20 years.
Why did the ratings decline ?
S&P says that Temasek holds stocks and assets all over the world and has no control over the markets in which it has invested in. Hence there is a risk of decline in profits.
But Temasek has been investing in all these countries for the last 30 years. How was it rated as AAA till now ?
Temasek manages funds worth USD 229 bn that is more than the GDP of many countries. And any rating of Temasek or GIC is a rating of Singapore itself.
Understandably angered, Temasek has roared and rebutted S&P’s ratings.
These are the very people who gave AAA ratings to the sub-prime loans based bonds and we know what happened.
Don’t be surprised if S&P gives AAA to North Korea. Once that happens, re-christen S&P as Stupid and Pathetic.