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China and Russia to launch new credit rating agency in 2015

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posted on Jan, 14 2015 @ 03:10 AM
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rt.com...

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.
Many securities and bonds in the US that had triple-A ratings in 2008 and were considered ‘safe’, turned out to be a bubble, revealed by the subprime mortgage crisis.
When the issue of creating an agency alternative to the ‘Big Three’ [Standard & Poor's, Moody's, and Fitch Group] was raised, we in fact offered a project that was ready to be launched and was supported by the governments of Russia and China," Ovchinnikov said.
Developed economies are often given a free credit rating pass, whereas developing economies are assigned more risky ratings, the RusRating analyst said.


I am assuming these new credit rating agencies are not going to be so kind to the western economies. I am very curious to know what effect this new credit rating agency will have and how seriously it will be taken. Or it will be like 12 year olds poking each other and downgrading each others credit, or we could finally see some honest work for a change.




posted on Jan, 14 2015 @ 03:22 AM
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Interesting times...
Maybe we will find the "true" rating just inbetween the ratings of the western and eastern rating agencies.



posted on Jan, 14 2015 @ 04:27 AM
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This would have nothing to do with the fact that the credit rating of Russia is so poor. Would you invest in corrupt Russia, or put your money in Germany? That's the question credit ratings help you answer.

Always question why people want things to change. In this case, it's all about not liking the results of what's there so inventing a new approach which makes you look better.

Regards



posted on Jan, 14 2015 @ 05:17 AM
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i would rather invest in corrupt russia ,as it has been the u.s.a who has been manipulating world markets with the petrodollar ,i welcome any competition to the current system ,,one question how can anyone not like this ???????????????



posted on Jan, 14 2015 @ 05:30 AM
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This is actually funny.

It doesn't matter what credit label you give yourself.... it only matters what the rating is with the people you transact with.

Peace,

Korg.



posted on Jan, 14 2015 @ 05:48 AM
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originally posted by: Korg Trinity
This is actually funny.

It doesn't matter what credit label you give yourself.... it only matters what the rating is with the people you transact with.

Peace,

Korg.


Tell that to the western world.

Russia may be corrupt (as if the U.S. isn't), but they're not stupid. If they were, they wouldn't still be a "threat" to American leaders.

Don't look for nice, clean players in this game because you're not going to find any. As much as people in America don't want to admit this, there are plenty of reasons why the rest of the world does not like or trust American leaders. This is just another example in a growing line of them as to how the rest of the world is protecting itself from our leaders' arrogance, greed and stupidity.



posted on Jan, 14 2015 @ 06:00 AM
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originally posted by: paraphi
This would have nothing to do with the fact that the credit rating of Russia is so poor. Would you invest in corrupt Russia, or put your money in Germany? That's the question credit ratings help you answer.

Always question why people want things to change. In this case, it's all about not liking the results of what's there so inventing a new approach which makes you look better.

Regards


The TripleA rating didn't help too much back in 2008
edit on 14-1-2015 by maddy21 because: (no reason given)



posted on Jan, 14 2015 @ 06:01 AM
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originally posted by: DeepImpactX

originally posted by: Korg Trinity
This is actually funny.

It doesn't matter what credit label you give yourself.... it only matters what the rating is with the people you transact with.

Peace,

Korg.


Tell that to the western world.

Russia may be corrupt (as if the U.S. isn't), but they're not stupid. If they were, they wouldn't still be a "threat" to American leaders.

Don't look for nice, clean players in this game because you're not going to find any. As much as people in America don't want to admit this, there are plenty of reasons why the rest of the world does not like or trust American leaders. This is just another example in a growing line of them as to how the rest of the world is protecting itself from our leaders' arrogance, greed and stupidity.



I didn't say there were any clean players....

I simply pointed out the stupidity of forming a credit rating agency for yourselves.... It's like creating a bank for yourself where you can only lend to yourself..... depending on the credit rating you gave yourself!

Korg.



posted on Jan, 14 2015 @ 06:14 AM
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originally posted by: stuthealien
i would rather invest in corrupt russia ,as it has been the u.s.a who has been manipulating world markets with the petrodollar ,i welcome any competition to the current system ,,one question how can anyone not like this ???????????????


So... you would rather throw your money into a bottomless pit and never see it again than invest it in a way that makes a profit? Interesting strategy....



posted on Jan, 14 2015 @ 06:16 AM
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a reply to: maddy21


I am assuming these new credit rating agencies are not going to be so kind to the western economies. I am very curious to know what effect this new credit rating agency will have and how seriously it will be taken. Or it will be like 12 year olds poking each other and downgrading each others credit, or we could finally see some honest work for a change.


Actual investors would simply ignore it, because they will know that the "agency" is simply broadcasting economic propaganda from the Kremlin. At least the Western agencies, corrupt as they are, put profit ahead of politics.



posted on Jan, 14 2015 @ 06:52 AM
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originally posted by: maddy21
The TripleA rating didn't help too much back in 2008


No. That just shows that the credit agencies make mistakes. However, in 2015 would you rather invest your money in Russia or an advanced western nation - say the US, UK or Australia? No disrespect to those who say "Russia", but I say "go ahead", but just hope your pension provider does not have shares in Gazprom!

Regards



posted on Jan, 14 2015 @ 08:25 AM
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The results from credit rating have to be 'accepted' by banks to become 'useful'. I can't simply start up my own credit agency and say what I want. So this new agency is going to face a very long period where it won't be accepted by Western banks. If the new agency can prove it's abilities to correctly judge business risks and not be influenced by politics then it may start to gain some traction in the world financial community.

Personally I think it's good to have a more diversified opinion on credit worthiness. Problem is keeping it free of political influence.



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