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Russia has proposal to create rating agency with foreign participation

April 27, 2014, 6:21 UTC+3 MOSCOW
The capital to launch such project is estimated at 300 million dollars
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MOSCOW, April 27, /ITAR-TASS/. Russia has a proposal to create a rating agency with the participation of foreign capital - the investment will reach some 300 million U.S. dollars, RF First Deputy Prime Minister Igor Shuvalov said in an interview to the Rossiya 24 news television channel.

“There is a proposal to organise international partnership with the participation of Chinese and American capital, as well as Russian capital. It’s a business proposal, without state participation. A good project with highly qualified specialists may appear. The capital to launch such project is estimated at 300 million dollars,” Shuvalov said.

On Friday, Shuvalov said that a national rating agency, unlike the national payment system, should be an exclusively private project.

“So far the discussions that have been held in the government have shown that if the national payment system requires, of course, serious attention from the Bank of Russia, for example, then the national rating agency may be an exclusively private project. But we will help it,” he said.

Shuvalov noted that the government is currently working with existing rating agencies. “We understand that they are not in the position to have all others rely only on their rating,” the first deputy prime minister said.

He added that to determine the agencies to which the RF authorities would be able to look it is necessary at the government or Central Bank level to determine the rules of conduct according to which Russian rating agencies “would be able to kind of themselves get a place in the rating.”

“They should have the objectively won in competitive struggle places in the rating. And the first troika of national agencies would be able to work with the Bank of Russia and make corresponding ratings with the Finance Ministry,” the official concluded.

The idea of the creation of a rating agency had previously been discussed at a meeting with RF First Deputy Prime Minister Shuvalov.

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