Russia setting up ratings company
Moscow
RUSSIA is creating its own ratings company to withstand "geopolitical risks" after two of the three biggest credit assessors downgraded the country to junk status this year.
Ekaterina Trofimova, OAO Gazprombank's first vice-president and a former banking analyst for Russia and former Soviet states at Standard & Poor's in Paris, will head the company, which plans to start operations next quarter. It will have 3 billion roubles (S$70.3 million) in capital and will be funded by banks, insurance companies and asset managers, the central bank said on Friday on its website. Shares will be distributed on a pro-rata basis and no investor will hold a stake exceeding 5 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
IMF boosts Asia growth forecast this year on China, India
Australian retail sales unexpectedly decline, currency drops
South Korea’s March factory output falls most in 15 months
Deflation reaches UK stores as non-food prices fall 0.6%
Japan’s March factory output rises 3.8% vs month earlier
Hong Kong vies with US in Bitcoin ETF market after crypto’s revival