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    Russian Rating Agency to Add Competition to Similar Global Systems - Putin

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    The Russian National Rating Agency, expected to begin operations in the fourth quarter of 2015, will create additional competition for similar systems, according to Russia's president.

    MOSCOW (Sputnik) — The Russian National Rating Agency will improve the balance of global credit rating and create additional competition for similar systems, Russian President Vladimir Putin said Tuesday.

    "Upon its [the agency] launch, it will [create] additional competition for other organizations of this kind. I think there is nothing bad about it, this will only benefit this sphere in the world in general and here [in Russia] in particular," Putin said at the "Russia Calling!" investment forum underway in Moscow.

    The Russian Central Bank announced the creation of the National Rating Agency in July. The agency’s 3-billion-ruble ($51.3-million) registered capital will be equally distributed among investors, including banks, insurance and asset management companies.

    The agency is expected to begin operations in the fourth quarter of 2015 and to gradually enter foreign markets. The first ratings are set to be issued no earlier than the second quarter of 2016.

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    Russian Central Bank, Russian National Rating Agency, Vladimir Putin, Russia
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