When the Temasek roared

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.