gulfnews : Rating agencies balance region's culture with Western expectations

The rating agencies came in for a bit of a rough ride over the course of the global financial crisis, but their enhanced presence in the region and the growth of ratings for GCC entities might still be taken as an indication of the Gulf's internationalisation. That, presumably, is still believed to be a good thing.
Yet, to the extent that foreign funding is sought for local projects, engaging with its providers is required. Even if the intrinsic mechanisms and assumptions of the ratings architecture can be debated, borrowers usually don't dictate the terms of borrowing, and especially not in an environment where the word risk has assumed mammoth proportions.
Sensitivities undoubtedly rose over such matters, notably in the US and Europe. In the Gulf too, the idea of a degree of cultural mismatch as well as material differences might still be in evidence.

* username: rupertbu