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President Sean Egan reads Beijing Declaration

The global credit crisis has highlighted the importance of credit ratings on human society, and has demonstrated that flaws in the current international credit rating system jeopardize human prosperity and development.  The current system no longer meets the credit rating needs of the world.

 Human civilization is in an economic era dominated by credit and debt financing. Prosperity and sustainable development are indissolubly linked with impartial credit ratings. It is an historic imperative to establish a new type of international credit rating system which follows the inherent requirements of credit rating and which is aligned to the common interests of human society.

To demonstrate our resolve in undertaking this grand international responsibility and to respond to this historical imperative, we, Dagong Global Credit Rating Co., Ltd, Egan-Jones Ratings Co. and RusRating JSC, have decided to invite appropriate organizations from every country to create a new international credit rating organisation – the Universal Credit Rating Group.

The Universal Credit Rating Group is a multilateral independent international credit rating agency comprised of private organizations whose responsibilities do not conflict with credit rating, and which do not represent the interest of any particular country or group.

The mission of Universal Credit Rating Group is:
-
to promote the reform of the international credit rating system and construct a new international credit rating system which reflects the laws governing the development of our credit-based economy and stands for the common interests of mankind;

- to develop new international credit rating criteria;

- to establish an independent international supervision system for credit ratings; and

- to disseminate impartial rating information for the world.

The vision of the Universal Credit Rating Group is to construct the framework and operations of the new international credit rating system within five years, to provide global credit ratings and to meet the credit rating needs of the world.

It is the shared responsibility of the international community both to reform the international rating order and to improve the world's economic governance because they are vital for the development of society. This grand mission, which is one of the challenges of our time, cannot be accomplished without a joint endeavor by the international community. We appeal to people with vision, to support and join us in an enterprise that ultimately will affect the common interests of mankind. We firmly believe that this righteous endeavor will ultimately succeed.

 

President Guan Jianzhong of Dagong Global Credit Rating Co., Ltd.

 

President Sean Egan of Egan-Jones Ratings Co.

 

President Richard Hainsworth of RusRating JSC.

                            

Beijing   October 24, 2012


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