Brics nations aim to set up own ratings agency

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.