Indian PM Modi — BRICS Should Topple Western Dominance in Credit-Rating Market

That would be the US credit rating agencies.

Indian Prime Minister Narendra Modi has strongly called for expediting the process of establishing a transparent, non-western dominated, sovereign credit rating agency for developing economies, particularly those of the BRICS block.

In his address at the plenary session of the BRICS summit, Indian Prime Minister Narendra Modi emphatically highlighted the need for countering western rating institutions by establishing a separate rating agency for developing countries, particularly those of the BRICS block. He said such an agency would serve the financial needs of sovereign and corporate entities of developing nations.
"Our central banks must further strengthen their capabilities and promote cooperation between the Contingent Reserve Arrangement and the IMF (International Monetary Fund)," the Indian Prime Minister said, urging the early creation of the BRICS rating agency.
Modi was the first to pitch for the idea of having such an agency for the BRICS grouping which can remove impediments to the emerging market economies posed by the present credit rating agency market, which is dominated by S&P, Moody's and Fitch. These three western rating agencies hold over 90 per cent of the sovereign rating market now....

Sputnik International
BRICS Should Topple Western Dominance in Credit-Rating Market - Indian PM