Gulf ratings agency would challenge ‘big three’

Peter Barker-Homek is not happy with the way ratings agencies are running the rule over government-related agencies such as his.

The chief executive of the Abu Dhabi National Energy Company (Taqa), the Government-backed energy investor, says now may be the time for a home-grown agency to challenge the dominance of the big three: Standard & Poor’s Ratings Services (S&P), Moody’s Investors Service and Fitch Ratings.

“Do we need a regional rating agency? The answer is yes,” Mr Barker-Homek says. “It’s a brilliant idea. There are examples of Japan, India and Canada having country-specific rating agencies. Our region can benefit with one of its own.”