Russia, China, USA to announce alternative rating agency.

By bne IntelliNews October 25, 2012
Chinese Dagong Global, Amercian Egan-Jones and Russian RusRating are going to announce in Beijing creation of new credit agency Universal Credit Rating Group (UCRG) with ambitions to become a global player, Cbonds reports citing Bloomberg. In a press release of Dagong, current rating system is criticised as unable to produce reliable ratings. RusRating and Egan-Jones (established in 2001 and 1995, respectively), position itself as fundamentally different from the methods of the Fitch, Moody's and S&P's in that they are funded by consumers of investment information and not the issuing companies.

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