China-Russia rating firm eyed
Print Edition
CHINA and Russia have reached an agreement to create a joint credit rating agency and are working on a series of measures to make trade easier, Russia’s finance minister said yesterday, a sign of growing ties between the neighbors.
Speaking during a trip to China, Anton Siluanov said that the new rating agency would be modeled on existing rating agencies.
“We would like (the agency’s) ratings to be apolitical,” Siluanov said.
“In its first phase, the agency will evaluate Russian-Chinese investment projects with the goal to attract a series of Asian countries, and gradually, based on progress and reputation, we believe that it could reach a level when its opinions will attract other countries,” he said.
The plan to create an agency in conjunction with China comes at time when Russia has been dissatisfied with the three Western agencies — Standard & Poor’s, Moody’s and Fitch that dominate the ratings market.
S&P cut Russia’s sovereign rating to a notch above junk in late April, weeks after Moscow annexed Ukraine’s Crimea peninsula. Russian officials criticized the “politically motivated” downgrade — a claim that S&P denied.
The plan for a new agency together with China appears aimed at gradually building a credible alternative to the big-three agencies, which came under fire for failing to anticipate the financial crisis that began in 2007.
Beijing-based rating firm Dagong said last year that it hoped to cash in on that criticism and take 5-10 percent of the European ratings market by 2017.
Siluanov also said his talks with Chinese officials included the possibility of preferential taxes for Chinese companies investing in Russia, currency swaps and trade settlement in national currencies.
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