Chinese, US, Russian ratings firms will announce in Beijing on Wednesday the establishment of a new credit ratings agency, "Universal Credit Rating Group" in a move to reform the current system.
The agency is a joint venture by Chinese ratings agency Dagong, the US Egan-Jones Ratings Co., and Russia’s Rustating JSC. It will engage in global ratings affairs as an entirely independent rating service provider. The three partners do not represent the interest of any particular country or group.
The Universal Credit Rating Group will provide impartial rating information to the global capital markets. More than 30 ratings agencies have expressed their willingness to join the group. The headquarters of the new group will be in Hong Kong and it should be up and running in six months’ time. It strives to achieve four goals in five years.
They are to establish uniform international credit rating standards; to build international rating regulation system; to build a global markets service system and to have the ability to take part in international ratings.
