BRICS Nations Contemplate Independent Credit Agency

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The BRICS member states – Brazil, Russia, India, China, and South Africa – have been discussing Russia’s idea to set up a credit rating agency run by the bloc, Sergey Katyrin, the President of the Russian Chamber of Commerce & Industry said on Sunday. “We’ve had a very serious talk on a BRICS credit rating agency, the topic is important for each country both in general and in terms of the BRICS bank, as they are also pursuing a strong rating for work…There is progress and understanding… we have made remarkable progress in this area.”

At present, global credit rating agencies are Western based institutions such as Moodys, Fitch, and Standard & Poor’s. There is concern they do not have sufficient experience or are always fair to emerging markets and the distinctive political and financial nuances they require to make subjective analysis. According to Katyrin, at first, Russia’s BRICS partners were not enthusiastic about the idea, but later came to the conclusion that in today’s world – politics often overrides objective economic indicators and stands in the way of an unbiased credit assessment.

“The introduction of a new credit ratings agency covering the BRICS nations is an interesting development”, says Chris Devonshire-Ellis of Dezan Shira & Associates. “It will be interesting to note on two counts: how such an agency can remain independent and rational, and how much this signals yet another rejection of Western based institutions in favor of new Eastern based ones.”

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