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 market leader and part of the Standard Poor's group, are up 21% so far this year and profits were up 28.5% during the first quarter, after a tough year in 2011. The agency is also...
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