Saturday, July 25, 2015

If You Don't Like It, Create Your Own

Russian authorities are upset that Standard & Poor's and Moody's, who cited falling oil prices, a recession, and international sanctions due to the conflict in the Ukraine, rated the country's debt as junk. With the mindset "We can do it ourselves and everyone will believe", Russia announced that is starting its own credit rating agency. We are sure that Russian sovereign debt will be AAA rated.