China and Russia to launch new credit rating agency in 2015
January 15, 2015
The new Universal Credit Rating Group (UCRG) is being set up to rival the existing agencies Moody’s, S&P and Fitch, and its first rating will be issued this year.The new agency will be based in Hong Kong, and provide a check on the ‘Big Three’, which some analysts say don’t provide an accurate reading of economic situations.
UCRG was officially created in June 2013 by China’s Dagon, Russia’s RusRating and America’s Egan-Jones Ratings. Each member will hold an equal share in the venture, with an initial investment of $9 million.