China unveils first sovereign credit rating report
From: Xinhua
A Chinese company on Sunday unveiled China s own sovereign credit rating report, for the first time evaluating 50 countries and becoming the first non-Western rating agency to assess the world s sovereign credit and risks.
The report by Dagong Global Credit Rating Co., Ltd., the first domestic rating agency in China, was released at a time when many complain the Moody s Investors Service, Standard & Poors and Fitch Ratings were partly to blame for the recent global financial crisis as well as Greece s debt woes.
Dagong s report covered 50 countries whose gross domestic product (GDP) accounts for 90 percent of the world s total economy, and gave markedly different valuations to 27 countries compared with those given by Western rating rivals Moody s, Standard & Poors and Fitch.
For instance, Brazil and other emerging economies were rated higher by the Chinese firm, citing political stability and strong economic growth.
At the same time, the United States, France and other developed nations were rated much lower in Dagong s report due to their slow economic growth and increasing debt burden.
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