“Obvious troll is obvious” is a bad ratings agency slogan

Chinese ratings agency Dagong Global Credit Ratings Co. has just released its first set of sovereign ratings, and FT Alphaville has a great “spot the difference” game you can play.

The most notable moves, compared to the Moody’s/S&P/Fitch triumvirate: Dagong rates Korea 1-2 notches higher, Japan one notch lower (makes sense, I guess). And in a TOTALLY COINCIDENTAL move, Dagong rates China three notches higher and the USA three notches lower than the capitalist running dog lackey imperialists at S&P/Moodys – just enough to place China one notch higher than the States.

And then they come out with rubbish like this:

More importantly, during the rating process, Dagong [Ed: henceforth “Dugong“, because it’s just too damn easy] has insisted to extend a fair rating which should not be affected by the ideology in the country. […] an emerging rating agency has begun to play an important role in international credit rating filed and it will make significant contribution in reforming the unjust international rating system.

Sorry, Dugong, you were saying something about “not being affected by ideology”? Carry on.

[…] Experts are of the view that China’s independently sovereign credit rating agency committed to win speaking vice in international rating field …

What?

…is important for china to maintain its financial sovereignty and promoting the reconstruction of the international credit rating system.

Aww, that’s so cute! They’re pretending to be independent and unbiased! I think the real story here is “Chinese Rating Agency With Ties to Government Gives China Higher Rating Than USA; Obvious Troll is Obvious“.

(Side note – I’m not sure what their structured finance ratings arm is up to, but they seem to be exceptionally liberal with their AAAs on that side of the business. Or is the “Beneficial Right of Bad Loan Trust Project of Ningbo Branch of Industrial and Commercial Bank of China” really a solid AAA? Hey, overcollateralisation can work wonders.)

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