Three rating agencies from China, the United States and Russia will jointly launch a new credit rating company to rival current industry leaders and promote greater independence.

It was announced on October 24 in Beijing that the Universal Credit Rating Group will be established by China's Dagong Global Credit Rating Co. Ltd., the U.S.-based Egan-Jones Ratings Co., and Russia's RusRating. The headquarters will be set up in Hong Kong within six months. The group will not represent any country or interest group.

Guan Jianzhong, President of Dagong Global Credit Rating Co. Ltd., called for an overhaul of the current international credit rating system.

The U.S.-based "big three" global credit rating agencies—Standard and Poor's, Moody's and Fitch Ratings—have come under fire for their credibility during the global financial crisis.

Sean Egan, President of Egan-Jones Ratings Co., said overly optimistic credit ratings led to the financial crisis and the current international rating system can no longer meet investors' demand.

Guan said the new rating group will provide accurate information about debtors, make a new international standard for credit ratings and promote an independent global rating regulatory system.