(2010-07-17) China Agency Downgrades Us Debt From Aaa

China's Dagong Global Credit Rating became *the first non-Western rating agency to assess sovereign credit risks countries around the world... Dagong Global Credit Rating issued its first sovereign credit report for 50 countries Sunday.

According to the report, China's Credit Rating beat several developed countries including the US, Germany, the UK, Japan, and France, based on the political stability and econom-ic performance.

Currently the three international credit rating agencies occupy around 90 percent of the global market share. Their credibility was widely questioned by the international community following the global financial crisis. They were also accused of further fuelling the European debt crisis by releasing credit-ratings cuts even after Greece got other EU countries' financial support. European leaders and other emerging countries were reportedly pushing for a new bond-rating agency after this.*

So the US loses its AAA rating. Many have predicted this would happen at National Debt levels increased. But of course, any info coming from a Chinese agent is suspect. So it's hard to know whether this is a harbinger, a warning-shot-across-the-bow, or what.