Brics countries to further engage on establishing own credit rating agency
Brics countries announced on Monday that they have moved one step closer to establishing a new credit rating company in an effort to break the dominance of the big three developed-nation firms, but said that further consultation was still needed.
Geoffrey Qhena, chair of the Brics financial services working group, said that the expert group's report over the years on the Brics credit rating agency had been acknowledged for its extensive work as it seeks to bring the long-standing matter to finality.
"The financial services group agreed that the experts group report be submitted to the Council, however further engagement be held with member countries so as to reach consensus on the outstanding matters and that consultation be held with relevant government authorities within each Brics country," Qhena said.
"So therefore, the declaration drafted on the formation of the Brics countries credit rating agency will not be signed, pending the above engagement and further consultation."
Qhena was delivering a report back of the Financial Services and Deregulation Working Group at the Brics Business Council closing session in Durban.
As far back in 2015, Indian Prime Minister Narendra Modi called upon members of Brics to begin the Brics credit rating agency as the country has long held the view that a new rating agency would provide an immense contribution to the existing knowledge of rating systems.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation