New agency has big three rating agencies firmly in its sights

Already under fire for their role in the subprime crisis, Fitch, Moody’s and Standard & Poor’s (S&P) are now in the sights of Dagong Global Credit Rating, which has formed a joint venture agency with Russian and US partners.

The JV, backed by a combined US$300 million (HK$2.33 billion) from Dagong, RusRating and Egan Jones - Dagong has formed Universal Credit Rating Group (UCRG), which is seeking backers from emerging market economies.

via Business feed http://www.scmp.com/business/banking-finance/article/1268628/new-agency-has-big-three-rating-agencies-firmly-its-sights