在地球的另一端，隔着遥远的太平洋(601099,股吧)，美国三大国际评级巨鳄标普、惠誉和穆迪正密切地关注着一家金融机构的诞生。来自中国、美国、俄罗斯的三家独立评级机构在北京发起成立非主权国际评级机构——世界信用评级集团。

On the other side of the world,Across the distant Pacific(601099,guba),The three major international rating croc s&p/Fitch ratings and moody are closely watching the birth of a financial institution.From China/The United States/Russia's three independent rating agencies in Beijing sponsored by the sovereign international rating agencies - the world credit rating group.

　　对于“三大”来说，这个尚在襁褓中的“婴儿”或许不值一提。然而，其背后来自多国评级机构加盟的集体力量却令他们不敢小觑。在全球评级市场呼风唤雨、称霸多年的“三大”，或面临着市场格局突变的局面。

for"three"for,This is still in swaddling clothes of"baby"Perhaps nothing to speak of.however,From behind the multinational rating agencies to join the collective strength but makes them not underestimated.In the global rating market it's raining/Seek hegemony years of"three",Or facing market mutation situation.

　　“未来全球评级市场格局一定会有所改变，这是迟早的事。”作为新评级机构的主要发起方大公国际资信评估有限公司（以下简称“大公国际”）总裁关建中告诉《中国经营报(博客,微博)》记者。

"Future global rating market pattern must be changed,It's a matter of time."As the new rating agencies of the main FaQiFang Catholic international credit rating co., LTD(Hereinafter referred to as"Catholic international")President GuanJianZhong tell[China business newspaper(blog,Micro bo)]reporter.

　　大公国际求“组团”

Catholic international for"group"

　　美国证券交易委员会（SEC）绝没有想到，两年前，希望进入美国评级市场被拒的大公国际，会以另一种姿态挑战美国三大评级机构的权威。

The United States securities and exchange commission(SEC)Never think of,Two years ago,Hope to enter the United States rating market rejected Catholic international,In another kind of attitude to challenge American three rating agency authority.

　　从2009年开始，大公国际向美国提交的注册为“国家认可统计评级机构”(NRSRO)资质的申请，被SEC以 “无法履行对大公国际的跨境监管”为由被否。这意味着，大公国际到美国评级市场开展业务的国际化战略遇阻。

Begin from 2009,Catholic international to the United States for registration"National recognized statistical rating agencies"(NRSRO)Qualification application,Be SEC to "To be unable to fulfill to common international cross-border supervision"Was no grounds.This means that,Catholic international to the United States rating market business internationalization strategy blocked.

　　然而，随着之后全球金融危机的爆发，以及三大评级机构在其中起到推波助澜的负面作用，关建中的注意力转移到一个更宏大的目标上——建立全球性的非主权性质的评级机构。

however,With the global financial crisis after the outbreak of the,And three major rating agencies in them have fueled the negative effects,Close attention to the building of a more grand goal, the development of the global nature of the sovereignty of the rating agencies.

　　日前，来自中国、美国、俄罗斯的三家独立评级机构在北京发起成立非主权国际评级机构——世界信用评级集团（the Universal Credit Rating Group，以下简称“UCRG”）。

a,From China/The United States/Russia's three independent rating agencies in Beijing sponsored by the sovereign international rating agencies - the world credit rating group(The Universal Credit Rating Group,Hereinafter referred to as"UCRG").

　　发起机构之一的俄罗斯信用评级公司总裁理查德·海恩斯沃茨打了个比方，目前信用评级过程就像是一个黑盒子。“因为他们的信用评级方法是基于某一个国家，或者某一个经济体开创出来的，他们在构建信用评级方法的时候没有考虑其他国家的特点，没有找到一个可比性的信用评级方法，以期能够适用于全世界各个地方、各个公司。UCRG就将致力于开发出一套统一的评级标准。”

One of the originator of Russia's credit rating company President Richard Haynes watts played a figure of speech,At present credit rating process is like a black box."Because of their credit rating method is based on a certain country,Or a economies started out,They in constructing the credit rating method without considering the characteristics of the other countries,Not found a comparable credit rating method,In order to apply to all over the world each place/companies.UCRG will be committed to develop a set of unified rating standard."

　　据悉，UCRG是一个公司制的经营实体。关建中称，建立全球双评级体制机制，参与国际所有评级业务是该机构发展的基点。

It is reported,UCRG is a corporate system business entity.GuanJianZhong says,The creation of global double rating system mechanism,Participate in the international all rating business is the agency development base.

　　此前，国际评级市场一直由“三大”垄断，标普、惠誉和穆迪三家垄断着超过90%全球市场份额。借助其强大资金实力，“三大”还有布局地将其势力范围渗透到各个国家，掌控了各国的经济安全。

after,International credit rating market has been under"three"monopoly,s&p/Fitch ratings and moody's three monopoly with more than 90% global market share.With its strong financial strength,"three"And layout the sphere of influence penetration to each country,Control the national economic security.

　　以中国为例，目前中国本土五大信用评级机构中，只有大公国际没有被外资入股，另外四家早已改弦易辙。“三大”已经通过参股、收购等方式，控制了中国三分之二的评级市场。

In China, for example,At present Chinese native five in the credit rating agencies,Only common international has not been foreign capital contribution,Four other had to dance to another tune."three"Has through the participation/Acquisition, etc,China was controlled by two thirds of the rating market.

　　在业内人士看来，来自美国的“三大”代表着美国政府的利益倾向。

In the personage inside course of study looks,From the United States"three"Represents the interests of the United States government tendency.

　　“‘三大’长期以来维护最大债务国（美国）利益的鲜明评级立场，使现有评级体系失去独立性。”关建中表示，“这明显有悖于评级机构独立性原则。”

"‘three’For a long time maintain biggest debtor(The United States)The interests of the distinctive rating position,The rating system lose independence."GuanJianZhong said,"This was contrary to the rating agencies independence principle."

　　而UCRG是由各国与评级无利益冲突的私营机构作为投资人，不代表任何国家和集团利益的非主权国际信用评级机构。

And UCRG is by all countries and rating no conflict of interest of the private sector as investors,Do not represent any countries and the interests of the group not sovereignty international credit rating agencies.

　　在近两年的时间里，大公国际先后与三十多个国家的政要、评级机构和相关组织进行反复磋商，所有参与者都赞成加快改革国际评级体系，高度认可并愿意积极参与组建一个非主权性质的国际评级机构，使其成为新型国际评级体系的载体。在此背景下，UCRG应运而生。

In nearly two years of time,Catholic international and has more than 30 countries bigwigs/Rating agencies and organizations, repeated consultation,All participants are for speed up the reform international rating system,Highly recognized and is willing to actively participate in the formation of a non sovereignty nature of the international rating agencies,Make it become the carrier of new international rating system.In this context,UCRG arises at the historic moment.

　　抗衡三足鼎立

Counter of

　　如果说之前的国际评级体系是铁板一块的话，UCRG能否成为那条鲇鱼？

If before the international rating system is a monolithic block word,UCRG can become the catfish?

　　它把一般的市场竞争模式、原则引入到评级行业，并按照信用经济和评级发展规律要求，一方面推动国际评级制度变革，另一方面确定其市场地位。

The general market competition mode/Principle is introduced into the rating industry,According to the credit economy and rating law of development requirements,On the one hand to promote international rating system change,On the other hand, determine its market position.

　　在将近70年的时间里，“三大”一直将全球最大的债务经济体美国冠以“AAA”的最高级别。甚至包括在战争时期。“AAA”级别的评定直到去年7月，美国国会第80次突破其法定债务上限（14.3万亿美元），“三大”才不得不下调级别。

In nearly 70 years of time,"three"Always will be the world's largest debt economies as the United States"aaa"The highest level of.Even in time of war."aaa"Levels of rating until July of last year,The United States congress 80 breakthrough its legal debt ceiling(14.3 trillion dollars),"three"Had to cut class.

　　更直接的例子是，2008年国际金融危机爆发前，三大评级机构无一例外地给予了美国国际公司及其衍生次贷产品“AAA”的最高评级。在美国国会听证会上，三大国际评级机构承认他们长期在犯“道德错误”，并承认向市场提供了虚假的评级信息，但最终他们仍被免于法律责任。

More direct example is,2008 years before the outbreak of the international financial crisis,Three major rating agencies without exception, give the United States international company and its derivative subprime product"aaa"The highest rating.In the United States congressional hearing,Three international rating agencies are now recognizing that they long in the making"Moral error",And acknowledge to market provides false rating information,But in the end they will still be from legal responsibility.

　　然而，对于中国的主权评级，三大执行的又是另外一套标准，远低于美国。

however,For China's sovereign rating,Three executive is another set of standard,Is far lower than the United States.

　　继今年四处调低评级之后，两个月前，标普率先下调了对亚太地区的经济增长预期，其中对中国经济增速预期下调约0.5个百分点，全年预期至7.5%。此前，“三大”还集体下调了中国银行(601988,股吧)业的评级。

After this year down around after rating,Two months ago,The s&p cut in the Asian Pacific region economic growth prospects,The China's economic growth is expected to cut about 0.5%,The expected to 7.5%.after,"three"Also collective cut the bank of China(601988,guba)Industry rating.

　　近日，标普发布了一份关于中国百大企业的研究报告，称中国大企业面临显著财务风险。在《中国大型企业面临显著财务风险的威胁》部分，有17家企业被标普认为“单位财务风险极大”，包括中国国航(601111,股吧)、中国远洋(601919,股吧)等。

recently,S&p released a about China's one hundred big enterprise research report,Said China big enterprise faced with significant financial risk.in[China's large enterprise faced with the threat of a significant financial risk]part,17 enterprises be s&p think"Unit financial risk greatly",Including China Air China(601111,guba)/China ocean(601919,guba), etc.

　　甚至有业内人士猜测，“三大”接下来可能会进一步下调中国主权评级。

There is even the personage inside course of study guesses,"three"Next may further cut China's sovereign rating.

　　更为可怕的是，“三大”还通过没有硝烟的信用战争方式来保护美国，比如在美国推出QE3前，“三大”下调美国评级，向其债权国转移危机与风险，最终损失又将由持有美国国债的债权国买单。目前，中国是美国国债第一大持有者，如果美国出现债务违约，中国将是最大的受害者。

More terrible is,"three"Also through the without gunsmoke credit war way to protect the United States,For example, in the United States QE3 introduced before,"three"Cut the rating,To its creditor country transfer crisis and risk,The final loss and will be held by the United States Treasury pay creditor nation.At present,China is the first major American national debt holders,If the United States debt default,China will be the biggest victims.

　　此外，在中国现代国际关系研究院经济安全研究中心主任江涌看来，“国际评级机构在中国境内的所作所为已经直接涉及到我们国家的利益、国家金融主权，甚至威胁到国家的经济安全。”

In addition,In modern Chinese economic security research institute of international relations, director of the center for JiangChong looks,"International credit rating agency in China has done is related to our nation's interests/National financial sovereignty,And even threaten the security of national economy."

　　一切情况都表明，现存国际评级体系已经不能满足世界的评级需求。伊根-琼斯评级公司（美国）总裁肖恩·伊根公开声称，“现有国际评级体系亟待改革。”

All the cases show that,The existing international rating system can't meet the demand of the rating.The root - Jones rating company(The United States)President Sean Iraq root public claims,"The existing international rating system needs to be reform."

　　理查德·海恩斯沃茨也表示，UCRG想构建的新型评级体系与现存评级系统最大的区别在于，后者“只对世界上的一个国家、一个经济体有益处，那就是美国”。

Richard Haynes watts also said,UCRG want to construct new rating system and existing rating system is the biggest difference,The latter"In the world only to a country/An economy is beneficial,That is the".

　　竞争格局生变

Competition pattern happen

　　“相比由单一国家来主导整个国际评级，整个国际社会的共同参与显然益处更多。”关建中对记者表示，他们不能完全替代现有的评级体系，而是希望双评级体制和机制并存，由市场做出选择。

"By a single country compared to leading the whole international rating,The whole international society participation obviously more benefits."GuanJianZhong told reporters,They cannot completely replace the existing rating system,But to double rating system and mechanism coexist,Choose by the market.

　　关进一步解释说，这两个体制并存进行的是评级技术的竞争，而不是级别的竞争、价格的竞争。“未来六个月，我们还要最大限度地吸收更多的参与者，因为我们希望每个国家都有机构参加。”

Close further explained,The two systems of coexistence is the rating technology competition,Instead of level of competition/Price competition."The next six months,We have to maximize absorption more participants,Because we hope that every country has institutions to participate in."

　　事实上，“三大”对内、对外的双重评级标准也引发各界对于其公正性与权威性的重新思考。最先的变化来自于欧洲。2009年12月始，三大评级巨头联手对希腊开刀，希腊的主权信用评级被接连调低，最终引爆希腊的债务危机。此后，其他欧洲国家也接连遭遇评级下调。债券危机自希腊向欧洲蔓延，引发了全球市场的恐慌。

In fact,"three"internal/The double rating standard also cause the from all walks of life for its impartiality and authoritative rethink.The first change from Europe.In December 2009 the beginning,Three big rating giant to Greece to go under the knife,The Greek sovereign credit rating was down on,Final detonate the Greek debt crisis.Since then,Other European countries were also encounter rating cut.Bond crisis from Greece to spread in Europe,Triggered global market panic.

　　为此，“欧盟意识到当前的信用评级体系漏洞百出，他们需要找到另外一种方法来管理和监管现有的信用评级机构。”理查德·海恩斯沃茨告诉记者。

therefore,"The European Union consciousness to the current credit rating system full of loopholes,They need to find another way to management and supervision of the existing credit rating agencies."Richard Haynes watts told reporters.

　　今年5月，欧盟决策机构——欧盟理事会（成员国）常驻代表委员会统一了欧盟委员会有关《对评级机构的立法建议》的立场，以便在欧洲议会通过该法案。上述举措旨在打破“三大”的垄断，使评级分析方法透明化；此外，欧盟理事会还建议对评级机构引入“强制轮换制”，即强制债券发行方每四年轮换评级机构。

In may this year,The European Union decision agencies - the European Union council(member)Resident representative committee unified the European commission relevant[Rating agencies to legislative Suggestions]position,The European parliament in order to pass the senate bill.The move aims to break"three"monopoly,Make rating analysis method transparent;In addition,The European Union council also suggested to introduce the rating agencies"Compulsory rotation",That forced bond issue party every four years rotation rating agencies.

　　对此，理查德·海恩斯沃茨告诉记者：UCRG计划用六个月时间完成组建，用五年时间实现四大目标：建立统一的国际评级标准；构建国际评级监管体系；建成全球市场服务体系；形成参与全球评级的能力。

this,Richard Haynes watts told reporters:UCRG plans to use six months time to complete form,With five years to make four goals:Establish unified international rating standard;To build international rating supervision system;In the global market service system;Formation and participate in the global rating ability.

　　业内人士预测，一场来自“第四方”的力量或让曾经“三足鼎立”的格局得到彻底改变。

Industry insiders predict,From a"The fourth party"Force or let once"of"The pattern of the get completely change.