http://www.zerohedge.com/article/rating-agency-feud-sp-vs-dagong%E2%80%A6-now
So it’s finally starting: someone has called the US rating agencies’ bluff. I’ve read the report (you can find it here together with anything else you want to know about Dangong: http://www.dagongcredit.com/dagongweb/english/index.php ) and the first thing that sprung to mind was “Somebody is going to be pretty mad over this”. How dare these Chinese question the quality of US debt? How dare they downgrade the perfectly safe Spanish bonds to a miserable single A rating with negative outlook (S&P gave them AAA+ and stable outlook, same as Germany)? I’ve also laughed at the thought of the same operation done by the proposed EU rating agency. No, scratch that: I laughed my head off at the thought of the same operation done by the proposed EU rating agency.
Hope it was useful to you.