24, 2012, in Beijing, UCRG defined its mission as one that promotes reform of the international credit rating system, develops new international credit rating criteria to reflect laws that govern the development of credit-based economy and represent common interests, establishes independent international supervision for credit ratings and disseminates impartial rating information for the world.
UCRG brings together three ratings systems, and each partner has an equal share of the venture, which will work toward adding other local rating agencies.
UCRG aims to serve as a multilateral independent international credit rating agency comprised of private organizations whose responsibilities don't conflict with credit ratings and which don't represent the interests of any particular country or group.
"Introducing a fundamentally different way of providing global credit ratings is a daunting challenge," said Richard Hainsworth, UCRG CEO and president of RusRatings.
According to its Linkedln listing, UCRG, which has the support of Russia's and China's governments, is the world's only global credit rating agency headquartered in the Asia Pacific.
The impetus for seeking a credit rating alternative grew out of the belief that the current system broke down and economic recovery depends on reforming it, said Sean Egan, UCRG director and previous president of Egan-Jones.
At the initial press conference, Jianzhong identified several problem areas UCRG sees with the current system:
UCRG argues the current system's design lacks impartiality and doesn't produce responsible and reliable ratings.
Opinions regarding UCRG's viability vary among financial experts.
The big three agencies also have weighed in regarding UCRG. "Fitch believes in healthy competition because markets benefit from a diversity of credit opinions," Fitch Ratings spokesman Daniel Noonan told NACM.
Senator Ishaq Dar assured the Chairman UCRG that Pakistan would like to benefit from its expertise and services as it has an ambitious plans to launch infrastructure, power and mega projects in the near future.
Senator Ishaq Dar said that a rating company like UCRG which is based in China, a great friend of Pakistan, is good news not only for the Pakistan but also for other emerging economies in the region.