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BRICS rating agency discussed at expert level — Russian envoy

April 03, 2015, 11:37 UTC+3
The agency’s establishment should not be perceived as a political counterbalance to the agencies that already exist, says Russian Foreign Ministry Ambassador-at-Large Vadim Lukov
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© AP Photo/Andy Wong

MOSCOW, April 3. /TASS/. The establishment of a rating agency of the BRICS grouping of emerging economies (Brazil, Russia, India, China and South Africa) is being discussed at the expert level, Russian Foreign Ministry Ambassador-at-Large Vadim Lukov said on Friday.

"After the well-known events when the big three rating agencies issued politicized and intentionally biased ratings on the state and prospects of the Russian economy, this issue becomes especially important," the Russian envoy said in reply to TASS’ question.

The envoy’s statement comes after Russia assumed the BRICS rotating presidency from April 1.

Russia is not the first country that was confronted with rating aggression or dumping. Similar cases were experienced by France, Argentina and Italy. France even held litigation with one of the rating agencies, he said.

"Now the issue of creating the BRICS rating agency is being discussed among experts," Lukov.

"It is important to ensure that the agency’s establishment should not be perceived as a political counterbalance to the agencies that already exist because in this case its ratings would be perceived by opponents as politicized and deserving no attention," the Russian envoy said.

"This should be avoided. Work should proceed stage by stage," he added.

The first thing now is to hold negotiations between China’s rating agency Dagong and interested Russian economic associations, the diplomat said.

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