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 <p>The US has an array of credit rating agencies that rate firms and countries on their financial health and repayment abilities. The top three US credit rating agencies include Moody’s, Standard and Poor’s (S&amp;P), and the Fitch Group. The US credit rating agencies dominate the global market and can make or break a company’s prospects with their reports. However, BRICS now aims to put an end to the US credit rating agencies by creating their own ranking ability firm.</p>
 <p><strong>Also Read: </strong><strong>34 Countries Look to Join <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Alliance After Saudi Arabia’s Entry</strong></p>
 <p><a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> countries have been affected by the US credit rating agencies who have previously pointed out negatives ignoring their positives. The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> bloc plans to launch its own credit rating agencies to counter the US-dominated financial world order. The move will put the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance in charge and decide the creditworthiness of a firm and not depend on the US.</p>
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 <p><strong>Also Read: </strong><strong>BRICS Control 47% of Global Oil, U.S. Owns Just 2.1%</strong></p>
 <h2 class="wp-block-heading" id="h-brics-a-new-credit-rating-agency-on-the-cards">BRICS: A New Credit Rating Agency On the Cards</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/02/03/94d59c12cd0647e200da21d07397ad2b.webp" alt="brics 15 summit leaders" class="wp-image-126039" srcset="https://cdn.thebittimes.com/images/2024/02/03/94d59c12cd0647e200da21d07397ad2b.webp 1024w, https://cdn.thebittimes.com/images/2024/02/03/94d59c12cd0647e200da21d07397ad2b.webp 300w, https://cdn.thebittimes.com/images/2024/02/03/94d59c12cd0647e200da21d07397ad2b.webp 768w, https://cdn.thebittimes.com/images/2024/02/03/94d59c12cd0647e200da21d07397ad2b.webp 1536w, https://cdn.thebittimes.com/images/2024/02/03/94d59c12cd0647e200da21d07397ad2b.webp 380w, https://cdn.thebittimes.com/images/2024/02/03/94d59c12cd0647e200da21d07397ad2b.webp 550w, https://cdn.thebittimes.com/images/2024/02/03/94d59c12cd0647e200da21d07397ad2b.webp 800w, https://cdn.thebittimes.com/images/2024/02/03/94d59c12cd0647e200da21d07397ad2b.webp 1160w, https://cdn.thebittimes.com/images/2024/02/03/94d59c12cd0647e200da21d07397ad2b.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: AFP
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 <p>Russia’s Central Bank Governor Elvira Nabiullina said that Kremlin will propose key initiatives that benefit BRICS in the long run. Nabiullina confirmed that one of the key initiatives is the formation of new BRICS credit rating agencies. The Governor stressed that the BRICS rating agency will be a <strong>“supranational”</strong> and cover all countries.</p>
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 <p><strong>Also Read:&nbsp;<a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: No Demand For US Dollar Bonds, Sales Get Worst Start Since 2016</strong></p>
 <p>Nabiullina explained that the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> rating agencies will be of mutual recognition and will work <strong>“faster and more practical”.</strong> The Russian governor hinted that US credit rating agencies carry a sense of bias against developing countries during their auditing.</p>
 <p>The formation of the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> rating agency could be discussed at the 16th summit in October 2024. Russia will host the next <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> summit and has a platter of ideas to provide at the table for leaders to discuss. The ideas also include creating a new internet service that has no connection to US data and servers.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>BRICS</li>
  <li>Credit Rating Agency</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/brics-to-build-credit-rating-agency-to-counter-us-dominance-tbt78768.html">https://thebittimes.com/brics-to-build-credit-rating-agency-to-counter-us-dominance-tbt78768.html</a></p>

BRICS To Build 'Credit Rating Agency' to Counter US Dominance

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