Jul 13, 2010

A new and more realistic credit rating agency in China has starting rating sovereign nations. I have long criticized the ratings of western agencies, because they always seem to be overrated until they fail, and then they have to be downgraded many points. It's almost like the nation's financial problems take the agencies by surprise.

http://www.telegraph.co.uk/finance/china-business/7886077/Chinese-rating-agency-strips-Western-nations-of-AAA-status.html