On May 8, 2017 Observer Research Foundation (ORF) published a brief entitled, “Rethinking the Relevance of Existing Credit Rating Agencies to BRICS.”
The executive summary reads as follows:
“Global growth is expected to experience an uptick this year due to renewed economic activity in the emerging and developing market economies. These economies have large investment requirements for infrastructure development and maintaining a sustainable level of economic growth—for which they are dependent on international credit markets. With the growing need of economies to borrow capital abroad, the role of credit rating agencies—most of them, based in the West—has expanded multi-fold. This paper explores the state of play of global credit rating agencies in the context of the macroeconomics of emerging market economies.”
The brief “examines the various criticisms levelled against the credit rating agencies and provides recommendations on a potential, alternative model for BRICS.”
You may read the brief on the research page of the ORF internet site.