Storchak: no need for war against 'essential' rating agencies, but reckoning needed
MOSCOW. March 23 (Interfax) - There is no need to "fight a war" with the international rating agencies, because the evaluation problems they have are global in nature, Deputy Finance Minister Sergei Storchak said at a session of the Federation Council's Foreign Affairs Committee devoted to the frequently less-than-objective treatment Russia receives from the rating agencies.
The rating agencies concerned are the "big three" of Moody's, Fitch Ratings and Standard & Poor's, committee chairman Konstantin Kosachev said in opening the meeting.
"We can resent subjective and unfair evaluations by these agencies. This doesn't only affect Russia, this is a global problem," Storchak said.
"We can be resentful, but this must nonetheless be reckoned with," he said.
"I don't think there is a need to begin a war with the rating agencies, which play an essential role," he said.
The subjective ratings of the big international rating agencies can only be combated by creating more competition.
"This can only be battled by creating more competition and by modernizing the rating agency system. These are the two main paths the entire world is proceeding along," Storchak said.
