News Summary: New credit rating agency enters fray

News Summary: New credit rating agency seeks to challenge Moody's, S&P and Fitch

Associated Press

MAKE ROOM: Chinese credit rating company Dagong launched a new venture with Russian and U.S. partners to challenge the dominance of the major rating agencies that were blamed for contributing to the global financial crisis.

FAIR AND BALANCED: Officials said the Universal Credit Rating Group is aimed at "providing some balance" to the industry, traditionally cornered by Moody's Investors Service, Standard & Poor's and Fitch Ratings.

RISKY BUSINESS: The Big Three established agencies came under fire for giving high ratings to complex pools of mortgages and other debt. The U.S. government is suing S&P for misleading investors over the quality of mortgage-backed investments in the run-up to the 2008 crisis.

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