BRICS take aim at ratings trio

摘要

A challenge to the dominant three ratings agency emerged this month at the BRICS summit in India, when the five-nation grouping of Brazil, Russia, India, China and South Africa outlined plans to launch a rival agency. The trio of big ratings agencies - Moody's, S&P and Fitch - were criticised by the likes of David Einhorn, founder of Greenlight Capital, in the wake of the financial crisis, but remain as entrenched as ever in the global financial markets. The plans of the BRICS nations are sketchy, but ministers made reference to "exploring the possibility of setting up an independent BRICS rating agency, based on market-oriented principles, in order to further strengthen the global governance architecture".