BRIC rating agency on Russian agenda

BRIC rating agency: Amid growing concerns that Russian companies are substantially undervalued compared to the Western counterparts Russia is urging India, China and Brazil to join with it in setting up an independent BRIC rating agency that takes a more enlightened view on issues such as corporate governance. Securities on Russia’s MICEX 13.5 Index are currently being traded at an average of five times their annual profit compared to 13.1 in Brazil, 12.5 in Poland and 9.4 in Turkey rbth