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Chinese "Dagong Global rating" down grades the United States to "AA"

by : Wang Xin Long
Tuesday July 13, 2010 - 22:48

Chinese "Dagong Global rating" down grades the United States to "AA".

Wang Xin Long

One of the lessons from China known as the financial crisis has drawn the People’s Republic, is that that the large, mainly American, rating agencies is not to be trusted.

the German system, press habitually hushed up by, were now in the Chinese state television, the three great American Ratingesellschaften Moody’s Investors Service, Standard & Poors and Fitch Ratings in the public media pillory made and upon which schlafmützenartigen ratings indirectly global financial crisis and the Greek debt crisis responsible for the made and reprimanded.

At the same time the general public a new evaluation society has been announced: the Dagong Global Credit Rating Co. Ltd.. This CRA is the first of its kind in China, because it is one hundred percent in Chinese hands, in contrast to all other rating agencies in Asia, which are either wholly or partly owned companies in Western.

Dagong The agency is a private company (Co. Ltd.). Under Chinese law, and in 1994 was the initiative of the Chinese central bank founded on. The company has so far been limited to the valuation of debt and credit in the public and private sectors of China. However, since in the wake of the so-called financial crisis, some negligence (some critics even speak of intent) in the evaluation of the major Western agencies apparently were, the government in Beijing ado, the scope for foreign government bonds and credit extended.

It should be remembered that the meaning of these ratings (ratings) a direct conclusion on the health status of the respective economies. A good rating is therefore nothing more than a more or less luminous advertising sign on the economic centers and the nation in the world. And so are just too Ratings nothing more than fiscal incentives that are each to give particular interests to the desired drive. It is therefore no surprise that the first publication of the Dagong Global at the same time a huge bang in the west was. Last Sunday (July 11, 2010) Global Credit rating report published his first Dagong, which classifies credit quality of those 50 states which, by their gross domestic product 90 percent of the global economy pose with. And lo and behold, while 27 countries are in the report by Global Dagong as different from the three major Western rating agencies.

Quite surprisingly, however, that should not have come, for leave pay while the "experts" in the respective executive levels of these agencies their incompetence or particular interests of several million dollars a year, China will not be drawn into this whirlpool of error and misinformation . The appointment of a dedicated rating agency for the development of independent reviews is just one of many consequences that has attracted the interest of the People’s Republic of crisis. Whether these measures are able to contain the next financial earthquake was undecided. But at least you look in Beijing to not stand by while in Europe shrugged his shoulders resignedly.

Particularly interesting is the fact that the Dagong Global United States ice-cold assessment "AA has missed." Even if the U.S. ever as a super tanker represented and financially by the Western rating agencies consistently AAA "rated were" so far, so Global has Dagong with the omission of a small letter the nation with one stroke of the pen than many billions of dollars and ailing unmasked poorer than the Americans we really want to know.

Even if the Western system media suppress these processes, the protests against the assessment by the American Dagong will be great. But we can also assume that this will be the Chinese, no matter right. Dagong Global has his approach and aims at a press conference in Beijing staked short:

Guan Jianzhong, chairman at Dagong Global has given to succinct protocol that Western scoring incorrect measurement bases used, and in addition to verification, the ability to repay the indebted economies fail completely. Jianzhong Guan literally: "We want realistic and fair ratings, and mark a new beginning and hereby the recent reform of the irrational international rating system."

The Federal Republic, the Netherlands and Canada are way Dagong Global with an ’AA-plus "from classified.

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