Pakistan welcomes new China-based rating agency

Says there is a need for floating financial products for public sector projects.

ISLAMABAD: Federal Finance Minister Senator Ishaq Dar said that there was a need for a new international rating agency and that Universal Credit Rating Group (UCRG) was a welcome addition.

Addressing the delegation led by UCRG Chairman Zhanijan Guan, the finance minister said that he was confident that the credit rating agency would maintain the high professional standards and earn its rightful place in the international financial market, a release said.

The predominant financial ratings in the world are Standard & Poor and Moodys, where Pakistan has a rating of 'B' minus.

Guan responded by saying that UCRG was interested in extending its activities to Pakistan.

The delegation which called on Dar on Tuesday consisted of CEO Richard Hainsworth, MD International Affairs Dagong Jialin Chen and Wei Ding.

Senator Dar said that Pakistan is likely to benefit from UCRG's services since it has a number of plans to launch mega infrastructural and power projects in the near future.

Mentioning the Gwadar-Kasghar Corridor, Coal Fueled Thermal Power Plant and the Lahore-Karachi motorway that was being planned, he said that there was a need for floating financial products so that public sectors projects could be financed.