Chinese, US, Russian firms to set up ratings agency
BEIJING (AFP) - Chinese ratings agency Dagong said on Tuesday it was tying up with US and Russian partners to form a new "independent" group to rival US-based agencies it claims have "proven inadequate".
The Chinese firm will set up the joint venture with Egan-Jones Ratings Co. (EJR), based in Pennsylvania, and Russia's RusRating JSC, it said in an invitation for a press conference on Wednesday to unveil the new company.
The joint venture, called Universal Credit Rating Group, will engage in global ratings affairs "as an entirely independent rating service provider", Dagong said in the letter.
"The current international credit rating system has proven inadequate to the task of producing responsible and reliable ratings," it said, adding a new institution is needed to "mitigate economic risk in the development of human civilisation".