Philippines calls for Asian ratings agency

Cesar Purisima, the country's finance minister, said the global ratings industry faces a battle to remain relevant amid concerns about the dominance of the three main players.

The comments from Purisima come in spite of the Philippines' promotion this year to “investment grade” by all three of the leading ratings firms.

Chris Dodd Alison Tudor-Ackroyd

October 31, 2013

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.

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