Brics nations aim to set up own ratings agency

28 June 2016 - 09:39 By Bloomberg

The Brics nations are looking to set up a new credit-rating company in an effort to break the dominance of the big three developed-nation firms.Seeking to lower borrowing costs they say are excessively high thanks to the assessments of S&P Global Ratings, Fitch Ratings and Moody's Investors Service, the group - which consists of Brazil, Russia, India, China and South Africa - aims to create a competitor with a different fee structure.

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