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Mexican sovereign debt as exempted securities even though its long-term debt is not rated in one of the two highest rating categories by at least two NRSROs ( a factor the Commission has traditionally looked to as an indication of the liquidity of the underlying market ) ; whether debt ratings should continue to be used in evaluating proposals to add countries to the Rule , and what alternative criteria , such as volume and depth of trading or amount of outstanding debt , could be used ; whether the proposed amendment is appropriate in light of the fact that Mexico would be the first emerging market country to be included as a Designated Foreign Government ; whether the CME 's proposal to develop a contract market in Mexican Brady bonds raises any unique issues ; and the general application and operation of the Rule given the increased globalization of the securities markets since the Rule was adopted . I could imagine , in fact , that twenty or thirty years from now , the most challenging opponent of the U.S. military might be not some ragtag military of a rogue regime somewhere but a private company with access to the kinds of equipment , and the kinds of skills , and the kinds of training that money , on the scale it 's currently available , with the liquidity of the international financial system , can provide .