Rating agencies do not systematically discriminate against emerging market countries by unfairly awarding them lower credit ratings than developed nations, according to analysis published by the Bank for International Settlements.
Emerging market governments and investors have long argued they are the victims of an ingrained bias against them by Fitch Ratings, Moody’s Investors Services and Standard & Poor’s, the three US-based agencies that dominate the sector.
In particular, they argue it is wrong that EM sovereigns typically have a lower credit rating than developed world governments despite, in most cases, having a lower debt burden as a proportion of gross domestic product.
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