How India's rating agencies survive without a bond market

Crisil's chief executive discusses the agency's latest acquisition and how it copes with an under-developed corporate bond market.

India is having a rough time of it lately. Economic growth is slowing, inflation is uncomfortably high, investment is lacking and the overall policy climate suggests conditions may get worse before they get better. Even the prime minister, Manmohan Singh, who was once lauded as a committed reformer, has drawn criticism.

Conditions could hardly be worse for India’s rating agencies, yet business is bouncing back at some of the biggest firms. Shares in Crisil, the...

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