“We are thinking about gradually phasing out international ratings that we accept and better develop our own industry of ratings, basing them on the assessments of Russian rating agencies,” Nabiullina said during a Russian Banks Association meeting.
Many experts have argued that the so-called big three rating agencies: Moody’s, Standard & Poor’s (S&P) and Fitch, often produce biased judgments based on geopolitics, and this has triggered the need for new, independent rating agencies.
In summer 2015, rating agency Universal Credit Rating Group (UCRG), established on the basis of China’s Dagong, Russia's RusRating and Egan Jones Rating in the United States, will begin its work.
RusRating director general Alexander Zaitsev said that its partners want to compete with the so-called big three. The UCRG will use all available calculation methods to ensure objective ratings.
