The Asian and Russian economiccrises got the main blame, but the new government's tax plans were said to fall far short of what was needed to boost growth and employment.
According to a 2010 IMF Report, events such as the Mexican and Asiancrises, and more recently subprime and the global economic crisis, were accompanied by downgrades of at least three notches in the credit ratings of (among others): Indonesia, Korea, Malaysia, Thailand, Greece, Iceland, and Ireland.