Kremlin seeks control over rating agencies
From now on, all international rating agencies operating in Russia will need a special accreditation from the Ministry of Finance. That might put the independence of the agencies at risk.
Prime Minister Vladimir Putin in a government meeting yesterday, confirmed that the rating agencies will face tougher conditions. From now on, the agencies will have to be approved by federal authorities. Instrumental for the approval will be to what extent the studies carried out by the agencies meet quality and reliability demands, Putin said, a press release from the government reads.
He highlighted the powerful role of the raters.
-[…] We all understand the huge influence of the rating agencies and to what extent and to what price mistakes and abuse of their activities them have, Putin said
The premier underlined that Russia does want strong Russian rating agencies, but that these in a better way have to include “the specifics of the Russian market”.
According to newspaper Nezavisimaya Gazeta, the state interference in the rating agencies’ operations is not line with international practice and could eventually harm the agencies’ independence.
The new regulations for the rating agencies will be included in the government anti-crisis measures.
