As compared with the near stagnant growth in the previous 50 years, the annual growth averaging at around 3.5 per cent during the period 1950 to 1980 was comparatively better.
Overall, it seems fair to say that credit rating agencies have tended to underestimate the risks contained in structured credit products. As the risk properties of such products differ considerably from those of traditional bonds, agencies should think about using a different rating scale for structured products.