Rating agencies should not comment on leadership: Moily

Asking the rating agencies to restrict their remarks to the economic issues, he said, "Evidently an element of political criteria has entered into the credit rating agencies which is unfair, impossible and unacceptable..."

Talking to reporters on the sidelines of an Assocham conference here, Moily said, "I don't think that a comment or a reflection on the leadership of a respective country can be a subject matter of the credit rating agencies which should keep themselves confined to the economic parameters."

Even on the observations of the rating agencies like Standard and Poor's (S&P)on economy, he said there was no economic tsunami.

"Just because last two quarters have not been that good, doesn't mean there is an economic tsunami. There is no economic crisis in the country... Credit rating agencies will need to redesign some of their parameters and confine to economic parameters when rating countries," he said.

While downgrading India's sovereign credit rating outlook to negative, S&P on June 11 had said the Congress party was divided on economic policies and there was substantial opposition within the party to any serious liberalisation of the economy.

"Moreover, paramount political power rests with the leader of the Congress party, Sonia Gandhi, who holds no Cabinet position, while the government is led by an unelected Prime Minister Manmohan Singh, who lacks a political base of his own", the rating agency had said.