Ever since the mortgage certificate fiasco that plunged the world into economic crisis, the Moody credit rating service has been suffering from a terrible lack of credibility. It was Moody's that gave the mortgage derivatives a triple A rating, when in reality there was little to no security behind these mortgage loans and credit default swaps that were being issued by Goldman Sachs and oother financial houses.
So China has started its own rating agency. It will be interesting to see who investors will listen to. The power centers are shifting.