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firms that defaulted on their debts and attracted much criticism during the 2008 global financial crisis.

Property titles would allow the poor to use their small homes or land in order to borrow money and start businesses, he said, unlocking the entrepreneurial potential of billions of people.

In line with these remarks, Kapital FX Research Director Enver Erkan said that explanations offered by Moody's would only be heard when economic indicators reveal a serious weakening that would warrant the lowering of the country's credit rating to the level of junk bonds.

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Legally protected property rights are the key source of the developed world's prosperity, and the lack thereof is the reason why many nations remain mired in poverty, de Soto argued.

The survey, which polls more than 600 companies in a sector that generates about 10 per cent of UK output, found that new export orders had picked up for the second straight month as a weaker pound made Britishmade goods more competitive.

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"There is no such thing as an investment without property rights that are negotiable and transferable," de Soto told the Thomson Reuters Foundation in a phone interview.

Win all street races and become the champion! Research Director Zack said his firm consider the announcements by credit agencies to be hasty and political, since to warrant such a change as the lowering of a country's credit line requires some sort of deterioration in the public debt and debt structure.