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Apropos the article “Credit rating agencies: answerable to none?” (Business Line, November 3), international practices need not necessarily be the best for us to blindly follow, as has been our wont all these years.

The recent clamour for credit rating being the panacea for lending to micro and small enterprises has thus fallen flat.

The moral hazard of their being paid by the very same person/entity they are rating does beg the larger question: Who will rate the raters in the first instance.

It seems everyone, even the unwitting and hapless, have to pay, for no fault of theirs, for the rising greed and avarice that seem to underline today’s ethos and mode of living, worldwide. It is cruel and ironical, reflecting truly the times we live in. It is time we plan to leave behind a far less greedy world for those who inherit this planet from us.

D. E. Ramakrishnan President, IFRASTE, New Delhi

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