BRICS Countries Propose New Credit Rating Agency to Rival Western Firms
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BRICS countries plan to launch their own credit rating agency to counter the dominance of US agencies like Moody's, S&P, and Fitch.
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The new BRICS rating agency would be "supranational" and cover all BRICS countries.
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It would aim to work faster and be more practical than current agencies.
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Russia believes US agencies are biased against developing countries.
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The proposal could be discussed at the next BRICS summit in October 2024 hosted by Russia.
