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Zuma: We take the ratings agencies very seriously, but...

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President Jacob Zuma. (File, AFP)
President Jacob Zuma. (File, AFP)

Cape Town – President Jacob Zuma said he is in favour of plans to set up a credit rating agency which would be more sympathetic to the needs of Brics nations.

Zuma was responding to questions in the National Council of Provinces on Tuesday when he was asked about his view on a separate credit rating agency for Brics nations to better cater to developing economies.

On October 16, Brazil, Russia, India, China and South Africa – collectively known as the Brics countries – resolved to establish their own credit rating agency to better cater to developing economies, rivalling existing ones based in developed nations.

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