Asian rating agencies to increase cooperation

Asian rating agencies will form an association later this year in an attempt to boost the accuracy of local ratings.

Following a meeting hosted by the Asian Development Bank Institute ADBI in Tokyo recently, 15 Asian credit agencies have agreed to form a ratings association in the hope that it will stimulate an increase in cross-border bond trade in the region. The new association will be formed by the end of this year, with one attendee at the meeting saying that it could be as early as September.

A working committee for the new group, to be chaired by Kazuo Imai, general manager of Japan Credit Rating Agency, will meet in Manila in August to finalize the details.

The gathering was the brainwave of the Asian Bankers Association ABA and the Japan Credit Rating...

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