ICRA rates local-currency debt in Indonesia (it leaves hard-currency stuff to Moody's, its shareholder).
Saumitra Chaudhuri, the economic adviser at ICRA, a credit-rating agency, argues that public-private partnerships first require regulatory reforms to protect the interests of both investors and consumers.
Standard & Poor's owns 52% of CRISIL, a position it took in 2005, and Moody's owns 29% of ICRA.
Debt markets are still puny and the three big agencies, CRISIL, CARE and ICRA, were all set up between 1988 and 1993 and sponsored by worthy financial firms that were often state-controlled.
Mihir Rakshit, an economist at ICRA, a credit-rating agency, estimates the gap at about four percentage points, and so the cost of holding, say, $60 billion in unnecessary reserves is $2.4 billion a year.Many would agree with Mr Rakshit that, covering some 16-17 mofths of imports, India's reserves exceed its needs.
Far Eastern energy demand is booming with China alone expected to double its use of LNG by 2015 to 30m tonnes a year; India isn't far behind according to recent research by ICRA, a research and ratings company.
Anjan Ghosh, a Mumbai-based general manager at ICRA, a unit of Moody's Investors Services, said he could not remember when there had been so many high-level investigations in such quick secession before in India.
"It is a positive sign that there is an attempt to right wrongdoings wherever they exist," said Anjan Deb Ghosh, a general manager in Mumbai at ICRA, a unit of Moody's Investors Service.
The Supreme Court held that federal courts did not have jurisdiction to hear the case: the substantive provisions of the ICRA did apply to the Pueblo, but the inherent sovereign powers of the tribe meant that the tribal government had exclusive jurisdiction in the case.
A married pueblo woman brought suit in federal court, claiming that the tribe's marriage ordinances constituted sex discrimination against her and other women of the tribe, thus violating the ICRA.
In 1968, Congress enacted an Indian Civil Rights Act (ICRA).
