Vice President of ECOSOC,
Excellencies,
Distinguished Delegates,
Colleagues,
It is an honour to conclude this first ECOSOC Special Meeting on Credit Ratings. My sincere appreciation goes to all participants for today¡¯s constructive dialogue.
We meet at a truly pivotal moment. With the 2030 deadline for sustainable development rapidly approaching, the financing gap remains an imposing barrier. Overcoming this requires reducing the cost of capital in developing countries ¨C a difficult challenge demanding reform across the international financial architecture. Credit assessments and ratings remain a crucial part of this solution.
Today¡¯s discussions have highlighted the key role that credit ratings play within the international financial system. Ratings provide essential information, influence how markets assess risk, and therefore impact how countries and companies access financing, and at what cost.
Credit ratings affect not only sovereign borrowing costs, but also financing conditions for businesses and investors. They influence the broader flow of investment essential for sustainable development.
The three core themes explored today have provided valuable insights.
First, participants examined the relationship between credit ratings and the cost of capital. While ratings provide important information to markets, concerns were raised about how rating actions can amplify volatility or procyclicality during crises. We heard a clear call for more nuanced, less mechanistic approaches to evaluating sovereign risks.
Second, the discussion on methodologies highlighted the importance of adapting analytical approaches to an evolving world. Speakers emphasized the value of long-term perspectives, enhanced data, rigorous scenario analysis, and greater methodological transparency. We should move past near-term snapshots to cultivate markets that address climate-related risks, understand resilience, and prioritize sustainable investment.
Third, participants stressed the importance of strengthening developing countries¡¯ capacity to engage effectively with credit rating agencies and financial market actors. By building robust statistical systems, analytical expertise, and stronger communication strategies, countries can better present their economic fundamentals and strategic development strategies.
Excellencies,
Distinguished delegates,
We are navigating exceptionally turbulent times. While the multilateral system confronts fierce headwinds, multilateral engagement remains vital. Today, we have brought together credit rating agencies, Member States, investors, and key stakeholders. This gathering at the United Nations embodies our shared conviction: the international financial architecture must deliver for all countries, not merely the most creditworthy.
This milestone marks the first of a recurring dialogue. My department, UN Department of Economic and Social Affairs, will continue to assist Member States in advancing this critical conversation, supporting ECOSOC in delivering impactful, meaningful contributions moving forward.
Let me once again congratulate all participants on the collaborative and constructive spirit defining today¡¯s successful meeting.
Thank you.