China and Russia to establish joint rating agency

tomfernandez28's Blog

China and Russia to establish joint rating agency

No more Fitch, Moody’s, or Standard & Poor’s for Russia and China, as they have agreed to establish a rating agency on joint projects, and later, international services, Russian Finance Minister Anton Siluanov said Tuesday.

“The establishment of an independent rating system is being discussed. Many countries would like to have more objectivity in the assessment of rating agencies,” Siluanov said.

“There will be a Russian-Chinese rating agency, which will use the same tools and criteria for assessing countries and regional investments that existing rating agencies use,” the minister said.

Foreign investors are influenced by rating agencies, which provide analysis for companies investing in capital, especially abroad. Standard & Poor’s recently downgraded Russia’s credit rating to just above junk status citing concerns over the significant capital outflow as a result of Russia’s action in Ukraine. In the first three months of 2014, a record $51 billion left the world’s eighth…

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