The global credit crisis demonstrates several things:
●Credit relationships mean the relationships between creditors and debtors, representing a form of capital combination. The sum of credit relationships constitutes the credit system, and it is the cash flow in this system on which the development of an economic society depends. As a medium of forging credit relationships, the quality of ratings is vital to the state of credit relationships, which are highly relevant to the security of the credit system and thus affect the safe eco-social development of mankind;
●Flawed ratings assigned by western CRAs have created bubbles in credit relationships. The bursts of bubbles in virtual credit relationships resulted in the rupture of the global credit chain (system), and thus ignited the global financial crisis, which implies that the international credit rating system dominated by western CRAs cannot undertake the responsibility of assigning ratings to entities across the world;
●It is desperately urgent to build a new type of international credit rating system that represents the common interest of mankind and shoulders the responsibility of assigning ratings to entities across the world as the economic globalization requires cross-border capital flow; capital as a form of credit relationship is a fundamental way of meeting the requirement; the impartiality, consistency, comparability and flowability of credit information is the prerequisite of materializing cross-border capital flow around the globe; credit rating is vital to the underlying interest of mankind; and the existing international credit rating system is flawed.
To act upon the historical call:
●On July 18th, 2016, the World Credit Rating Forum, jointly sponsored by Universal Credit Rating Group and Dagong Global Credit Rating Group, was held in Beijing. The conference hall was filled with distinguished guests from political, economic, credit rating, and financial sectors in China and abroad. The forum focused on credit ratings and global economy, and attracted massive attentions from more than 40 domestic and international media.
●On June 29th, 2015, the Inaugural World Credit Rating Forum was held in Beijing by Dagong Global Credit Rating Group. More than 800 distinguished guests from political, economic, credit rating, and financial sectors in China and abroad gathered in one room to exchange profound ideas on reforming the international credit rating system.
●On October 24th, 2012
Dagong Global Credit Rating Co., Ltd. (China)
Egan-Jones Ratings Company (USA)
RusRating JSC (Russia)
●On June 25th, 2013
UCRG was officially established in Hong Kong.
●On June 23rd, 2014
The International Advisory Council of UCRG was officially founded.
Missions and Objectives
Missions of UCRG
●To promote the reform of the international credit rating system and construct a new international credit rating system featuring openness and inclusiveness. Such a system can undertake the responsibility of assigning ratings to entities across the world and provide consistent, comparable and flowing rating information for capital circulating worldwide;
●To develop new international credit rating criteria;
●To help establish an independent international supervision system for credit ratings;
●To disseminate impartial rating information around the world.
Objectives of UCRG
●To disseminate the concept of reforming the international rating system in a bid to promote the international community to reach a consensus on the reform and take action;
●To facilitate the efforts to create a new international dual rating system and materialize the coexistence and balanced development of the old and new credit rating systems;
●To participate in global rating affairs and make rating information consistent, comparable and circulating across borders;
●To build an international organization framework and operational mechanism for UCRG, and to develop the capability of providing rating service for entities across the world.
Principles of forging the UCRG governance structure
●To present the fundamental requirement of credit rating rules;
●To present the missions and objectives of UCRG;
●To present regulation and supervision requirements.
Senior Management in the Organizational Structure:
●Board of Directors
●Rating Policy Committee
●Operations and Management Team