China and Russia to launch new credit rating agency in 2015

``The setting up of UCRG is in its final stages, ready to challenge the ‘Big Three' that currently dominate the industry, the Managing Director of RusRating Aleksandr Ovchinnikov told Sputnik News Agency on Tuesday. "In our opinion, the first ratings [will] appear ... during the current year," Ovchinnikov said, adding that accreditation with the local regulator is already underway.... The new agency will be based in Hong Kong, and provide a check on the ‘Big Three', which some analysts say don't provide an accurate reading of economic situations.''