In November 2010, China’s Dagong Global Credit Rating Company did the unthinkable. The rating agency founded in Beijing in 1994 removed its highest-possible (AA) rating on US government debt, citing ‘serious defects’ in the US economy.
Those aware of Dagong’s decision shrugged off the rationale. They knew the agency was furious about a US decision to refuse it a licence to operate in the US.
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