Geopolitics is playing out in the rarefied work of public credit ratings.The establishment of alternative credit rating agencies to challenge the dominance of the three chief names - Fitch Ratings, Moody's Investor Service and Standard & Poor's - has been discussed by regulators and governments since the advent of the GFC. The credibility of the major credit rating agencies was severely dented by the ratings assigned to the subprime mortgage backed securities and CDOs that ultimately failed and triggered the GFC.With the rating agencies being seen to fail in this area, regulators called for alternative voices to be heard in the credit rating business. Regulators were keen to see new rating agencies emerge to fulfil this role.Governments however, had a vested interest in the debate, becoming more vocal as their own credit ratings were lowered or threatened in the aftermath.European governments called for the establishment of a European rating agency, as many were downgraded during the euro zone crisis. The US government was most unhappy when S&P removed its AAA rating in response to the debt ceiling debacle, but quickly fell quiet when it realised that the rating action had absolutely no impact on its ability to sell its bonds with steadily decreasing yields.China has its own rating agency.Dagong Global Credit Rating Co lowered its credit rating on the US to 'A' from 'A+' and left the rating with a negative outlook, just a day after Congress approved the Bill to end the debt ceiling crisis. Needless to say, Dagong rates China 'AAA'.While Dagong claims to be independent, it was founded in 1994 upon the joint approval of The People's Bank of China and the former State Economic and Trade Commission. On its website Dagong says it is the first rating agency in the world to study "American" credit rating theories and methodologies and reveal their shortcomings.Dagong goes on to say it "has become a new credit rating power with great international influence and a major power in establishing a new international credit rating system".Now Russia wants to tap into Dagong's "great international influence" and aid the establishment of a new international credit rating system. Following S&P's cutting of Russia's rating to one notch above junk in April, the Russian finance ministry has proposed the creation of a new credit rating agency, most likely in a joint venture with China and Dagong.Ultimately the joint venture could expand to include Brazil, India and South Africa. Combined with Russia and China these countries form the BRIC group and share a view that the major rating agencies reflect the attitudes of the developed world and assess those outside of the developed world unfairly.