Chinese credit rating company Dagong launched a new venture with Russian and US partners yesterday to challenge the dominance of the major rating agencies that were blamed for contributing to the global financial crisis.

Officials said the Universal Credit Rating Group is aimed at "providing some balance" to the industry, traditionally cornered by Moody's, Standard & Poor's and Fitch.

"Credit ratings are indispensable in global economic operation, and it is obvious that the current rating system needs reforming and introducing new thinking," said Universal Chairman Guan Jianzhong. As head of Dagong Global Credit Rating Co, Guan has previously criticized his Western rivals' for treating US and European governments too favorably.

Privately-owned Dagong was a little-known outfit until it issued its first government debt rating in 2010, declaring the US a worse risk than China. Dagong, RusRating and US-based Egan-Jones Ratings will have an equal share of the Hong Kong-based venture, which will have an initial investment of US$9 million.