News Summary: New credit rating agency enters fray

Staff Writer
Columbus CEO

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.