By Peter Thal Larsen
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
(Corrects to say EI Sturdza is UK investment firm, not Swiss)
Commerzbank analyst Simon Quijano-Evans recently analysed credit ratings for emerging market countries and concluded that there is a strong tendency to "under-rate" emerging economies - that is they are generally rated lower than developed market "equals" that have similar profiles of debt, investment or reform. The reason, according to Quijano-Evans, is that ratings assessments tend to be "blurred by political risk which is difficult to quantify and is usually higher in the developing world compared with richer peers.
As pro-democracy protesters in Hong Kong confronted police in the fumes of tear gas, the world looked on in admiration of their spirit and bravery and in fear of a possible crackdown.