China, U.S., Russia wto launch new credit rating companyOctober 24, 2012 - 22:03 AMT PanARMENIAN.Net - Three rating agencies from China, the United States and Russia will jointly launch a new credit rating company to rival current industry leaders and promote independence, Xinhua reports. It was announced on Wednesday, Oct 24, that the Universal Credit Rating Group will be established by China's Dagong Global Credit Rating Co., Ltd., the U.S.-based Egan-Jones Ratings Company, and Russia's RusRating. The headquarters will be set up in Hong Kong within six months, the companies said in a statement. The group will be invested by private institutions without conflicts of interests with its credit ratings and will not represent any country or interest group, the statement said. Guan Jianzhong, president of Dagong Global Credit Rating Co., Ltd., urged an overhaul of the current international credit rating system, which he criticized. "As the main providers of rating information that global capital flow relies on, the three major rating agencies in the U.S. failed to ring the alarm bell for the financial crisis and even helped aggravate the crisis," said Guan. The U.S.-based "Big Three" global credit rating agencies - Standard and Poor's, Moody's, and Fitch Ratings - have come under fire for their credibility during the global financial crisis. Sean Egan, president of Egan-Jones Ratings Company, said overly optimistic credit ratings led to the financial crisis and the current international rating system can no longer meet investors' demand. Guan said the new rating group will provide fair and true information about debtors, make a new international standard for credit rating and promote an independent global rating regulatory system. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Welcome to CaseKey 2024. Byblos Bank Armenia firmly stands by future innovators Strategic business cases, invaluable experience, innovative approaches and more than 25 events are in store for the participants of CaseKey 2024. Macron honors Charles Aznavour on 100th anniversary French President Emmanuel Macron has paid tribute to the memory of French-Armenian crooner Charles Aznavour. Blinken says U.S. reviewing a number of aid requests from Armenia He said the U.S. is reviewing the requests to determine what more it can do to increase its assistance to Armenia. At least 2 CSTO members participated in preparing 44-day war against Armenia – PM Nikol Pashinyan has declared that at least two CSTO member countries participated in preparations for the 44-day war against Armenia. |