Does Asia need a unified credit ratings system?

The Asian Banker''s Association (ABA) is pushing to unify the ratings criteria of the region''s domestic agencies.

Recent opinions voiced by a senior figure within the Asian Bankers Association ABA has brought into question whether the methodology used by the three global ratings agencies - Moodys Investors Service, Standard Poors and Fitch IBCA - is suitable when it comes to rating domestic Asian bond deals.

It has been suggested that domestic Asian rating agencies are better versed in understanding local businesses, and as a result, better qualified to rate their issues on the local bond markets. Wan Heh-Song, the chairman of the ABAs bond market development task force, is pushing for 19 domestic agencies, including those from Japan, India, Malaysia, Singapore, Hong Kong, Taiwan, Indonesia, Korea...

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