Russia began relying only on its own rating agencies to manage its domestic bond market yesterday after the world’s top three credit rating agencies quit that market, leaving investors pondering the credibility of the local agencies.Standard & Poor’s, Fitch and Moody’s have all withdrawn from Russian domestic ratings, refusing to comply with legislation drawn up in 2014 when they downgraded Russia after the annexation of Crimea.Russia says the legislation is designed to prevent rating agencies from withdrawing local ratings under external political pressure, while the agencies see it as a restriction on their work.The withdrawal of the big three will …read more
Source: Gulf times
