Asia should have its own regional ratings agency to challenge industry leaders Fitch, Standard Poor’s and Moody’s, Cesar Purisima, finance minister for the Philippines, said on Wednesday.
Purisima, speaking at FinanceAsia’s annual Borrowers Investors Forum, Southeast Asia, in Singapore, said the ratings industry faces a battle to remain relevant amid accusations that it failed to anticipate the global financial crisis and possibly even contributed to it by underestimating some credit risks.
“If I were a ratings agency guy I’d be worried because this is about the relevance of ratings,” he said, noting the massive degree to which the three US groups dominate the industry. “The...
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