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New credit rating agency to challenge Big 3 firms

Associated Press
New credit rating agency to challenge Big 3 firms

Guan Jianzhong, chairman of the Universal Credit Rating Group, delivers his speech at the launch ceremony in Hong Kong Tuesday, June 25, 2013. Chinese credit rating company Dagong and its Russian and U.S. partners are launching a new venture to challenge the dominance of the major rating agencies that were blamed for contributing to the global financial crisis.Officials said Tuesday the Universal Credit Rating Group is aimed at "providing some balance" to the industry, traditionally cornered by Moody's, Standard & Poor's and Fitch. (AP Photo/Vincent Yu)

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