Chinese rating agency strips Western nations of AAA status - China's leading credit rating agency has stripped America, Britain, Germany and France of their AAA ratings

Chinese rating agency strips Western nations of AAA status - China’s leading credit rating agency has stripped America, Britain, Germany and France of their AAA ratings

13 Jul 2010 | 12:21 pm Infowars

Ambrose Evans-Pritchard
London Telegraph
July 13, 2010

www.infowars.com/chinese-rating-agency-strips-western-nations-of-aaa-status/

Dagong Global Credit Rating Co used its first foray into sovereign debt to paint a revolutionary picture of creditworthiness around the world, giving much greater weight to “wealth creating capacity” and foreign reserves than Fitch, Standard & Poor’s, or Moody’s.

The US falls to AA, while Britain and France slither down to AA-. Belgium, Spain, Italy are ranked at A- along with Malaysia.

Meanwhile, China rises to AA+ with Germany, the Netherlands and Canada, reflecting its €2.4 trillion (£2 trillion) reserves and a blistering growth rate of 8pc to 10pc a year.

Dominique Strauss-Kahn, chief of the International Monetary Fund, agreed on Monday that the rising East is a transforming global force. “Asia’s time has come,” he said.

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

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