We should do the same. Their blatant fraud was pivotal in leveraging the demolition of the housing market into the economy at large.
The Russian Finance Ministry believes moving away from international ratings agencies is just a question of time. Russia is eager to break the world monopoly of rating systems and create its own rating giants.
“At Finance Ministry level we are so far not ready to remove all the links to ratings [of internationals agencies], but it’s is a question of time,” said Deputy Russian Finance Minister Sergey Storchak.
According to interim reports from the Financial Stability Board, more and more countries, including the US, are removing links from international ratings agencies, he added.
“We have an aim – to go back to basics when a creditor himself evaluates the paying capacity of a borrower… Sooner or later we will be rating the papers of the issuers and issuers themselves,” Storchak added….