Benaulim, India — The Brics (Brazil, Russia, India China and SA) nations agreed on Sunday to fast-track the setting up of their own credit ratings agency to better cater to developing economies, rivalling existing ones based in the West. Indian Prime Minister Narendra Modi said they agreed to move ahead on the ratings agency, although there was no timetable announced. "To further bridge the gap in the global financial architecture, we agreed to fast-track the setting up of the Brics credit rating agency," Modi said. "In the past year, Brics have played an active role in shaping the global agenda for change and development," he said. Modi was speaking at a summit in the Indian resort of Goa, where he was hosting the leaders of Brics. The prospect of a new agency comes amid accusations from within the bloc that the three traditional agencies — Moody’s, S&P Global Ratings and Fitch — are all western-based and favour those economies. The three, together, account for 90% of the global ra...
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