A Chinese rating agency ranked 50 countries and the results is certainly destabilizing for the West. This view from the Far East is enlightening. China probably uses this to convey a message to the US: the world is no longer mono-polar.

1. http://marketsandbeyond.blogspot.com/
http://www.pcgwm.com/
China is not only making cheap goods:
it produces sovereign ratings
Dagong Global Credit Rating Co. has just released its first comprehensive sovereign rating
table which presents some notable difference from the US based S&P's, Moody's and Fitch.
The table below is borrowed from FT Alphaville:
Interesting enough, during the June G20 meeting held in Toronto, Hu Jintao, the Chinese
Prime Minister, called for uniform methodologies and standards for sovereign credit
ratings so that "rating results can accurately reflect the state of a country's economy and
credit worthiness." One may wonder whether this rating list is not a subtle way to send a
message to the West, and the USA in particular, which Asians are experts in.
There are not much details about the methodology used, but from what I read on
Dragon's web site, more emphasis is put on solvency and less on a stable
political situation (read democracy). China is cleverly using the failure of US rating
agencies with the subprime dabacle to get in, and Europe, as usual is absent despite
comments made and decisions taken (?) about creating a European based rating agency
for the past few months (such an attempt, from memory during in the late 90s, did not
succeed).
I must admit, that reading the ranking of countries makes sense to me, the US not being
AAA, with one caveat: the US is too big to fail...
1

2. http://marketsandbeyond.blogspot.com/
http://www.pcgwm.com/
I provide below an extract of the 50 countries rated by Dragon. France and Britain are
justifiably stripped from their AAA western engineered rating.
2

3. http://marketsandbeyond.blogspot.com/
http://www.pcgwm.com/
Source:
FT Alphaville: Sovereign ratings made in China
http://ftalphaville.ft.com/blog/2010/07/13/284111/sovereign-ratings-made-in-china/
Dragon Global Credit Rating Co.: Sovereign Credit Rating Report of 50 Countries in 2010
http://www.dagongcredit.com/dagongweb/uf/Sovereign%20Credit%20Rating%20Report
%20of%2050%20Countries%20in%202010.pdf
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