Russia Launches Its Own Rating Agency
Russia on Friday officially launched its own rating agency as it seeks to counterbalance the influence of Western agencies which have taken a pessimistic line on the country's crisis-hit economy.
"Upon completion of the state registration of a legal entity, Analytical Credit Rating Agency (ACRA) starts its operating activities," an official statement said.
The project by Russia's central bank is one of a number of attempts by emerging nations to fight back against the domination of Standard & Poor's, Moody's and Fitch.
Karl Johansson, who worked for twenty years for the audit firm EY (formerly Ernst & Young), was elected chairman, while former number two at Russia's Gazprombank, Ekaterina Trofimova, took office as executive director.
The central bank in Moscow earlier said Russia needs to establish its own rating agency that would be "resistant to geopolitical risks".
Moscow slammed the decisions by leading agencies Standard & Poor's and Moody's to cut Russia's debt rating to "junk" as politicized.
The moves came as Russia's economy plunged into recession on the back of Western sanctions over Ukraine and plunging oil prices, and prevented most large investors from holding the debt.
Source: Agence France Presse
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