BRICS To Build ‘Credit Rating Agency’ to Counter US Dominance
Watcher.Guru
The US has an array of credit rating agencies that rate firms and countries on their financial health and repayment abilities. The top three US credit rating agencies include Moody’s, Standard and Poor’s (S&P), and the Fitch Group. The US credit rating agencies dominate the global market and can make or break a company’s prospects with their reports. However, BRICS now aims to put an end to the US credit rating agencies by creating their own ranking ability firm.
BRICS countries have been affected by the US credit rating agencies who have previously pointed out negatives ignoring their positives. The BRICS bloc plans to launch its own credit rating agencies to counter the US-dominated financial world order. The move will put the BRICS alliance in charge and decide the creditworthiness of a firm and not depend on the US.
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