Russia supports the gradually exclusion of credit ratings from financial and economic regulation and believes that their use should be balanced with other economic analysis tools, a source in the Russian G20 Group delegation in Seoul said on Thursday.
In particular, credit ratings could be replaced by other assessment mechanisms in many areas of financial regulation, the source said.
However, Russia understands that a large-scale effort to restrict the use of ratings could create some problems and cause investors' distrust for ratings and rating agencies and hinder investment decisions.
Moreover, the introduction of alternative assessment mechanisms will require time in some areas and therefore credit rating actions cannot be replaced in the near future, the source said.
Russia favors a system of state control over rating agencies and their enhanced responsibility for the quality of their rating actions through regulative norms, the source said.
SEOUL, November 11 (RIA Novosti)
