Ratings agency aims to rival 'big three

Ratings agency aims to rival 'big three'|Economy|chinadaily.com.cn

Three ratings companies from China, the United States and Russia said on Wednesday they will jointly launch a new agency to challenge the current global ratings system dominated by the "big three" US agencies.
The new agency, which will be known as Universal Credit Rating Group, will be co-initiated by China's Dagong Global Credit Ratings Co, US-based Egan-Jones Ratings, and Russia's RusRating.
The agency will be formally established in the next six months, and will be headquartered in Hong Kong, Dagong's President Guan Jianzhong said at a news conference in Beijing.
Although details on the amounts to be invested by each company still need to be finalized, it will be a balanced structure among the three sponsors, said Richard Hainsworth, president of RusRating.