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BRICS countries mulling creation of rating agency

June 19, 19:19 UTC+3 SHANGHAI
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SHANGHAI, June 19. /TASS/. BRICS member-states (Brazil, Russia, India, China and South Africa) are considering the possibility of creating a rating agency, Russia’s Finance Minister Anton Siluanov said at the meeting of BRICS finance ministers and central banks’ heads in Shanghai on Monday.

"The issue of setting up a rating agency is under consideration. There are various opinions regarding the issue. Our position is that it is necessary to create a single agency for the five BRICS countries. However, it will only operate inside the five, while we need global ratings in order to attract world-renowned investors," he said.

"Ratings issued by Russia-based rating agencies may be used for our local investments and bonds placed by corporates and financial institutions, while if we speak about country-wide assessments, the assessment of our national securities’ issuances for global investors here international ratings are needed," Siluanov said, adding that the participants of Monday’s meeting agreed to "study the issue in more detail."

BRICS is an informal association of five major emerging national economies founded in June 2006 at the St. Petersburg International Economic Forum, known as BRIC prior to inclusion of South Africa in 2009. Russia was presiding in BRICS in 2015 and was chairing the BRICS Business Council until April 2016.

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