America is damaged goods, China has a superior credit rating, and Moody’s is on imperialist rampage.
Dagong chairman Guan Jianzhong defended his ratings and stepped up the trash talk on Western ratings agencies in an interview with the FT.
Here’s some highlights:
“The western rating agencies are politicised and highly ideological and they do not adhere to objective standards,” Guan Jianzhong, chairman of Dagong Global Credit Rating, told the Financial Times in an interview. “China is the biggest creditor nation in the world and with the rise and national rejuvenation of China we should have our say in how the credit risks of states are judged.”
And Moody’s caused the financial crisis:
“The financial crisis was caused because rating agencies didn’t properly disclose risk and this brought the entire US financial system to the verge of collapse, causing huge damage to the US and its strategic interests,” Mr Guan said.
This line actually comes from a pro-Dagong editorial:
“Compared with the US’ conquest of the world by means of force, Moody’s has controlled the world through its dominance in credit ratings,” the editorial said.