After the ratings by existing agencies were criticized on the grounds of biasing and arbitration, the International Non-Profit Credit Rating Agency (INCRA) rated the five governments in an attempt to give fair judgment.

INCRA is a German foundation that issued its independent rating for the governments of Germany, France, Italy, Brazil and Japan. Germany was the only one to get a triple-A rating and scored 8.1 points on the scale of 10.

The funds for the scheme came up from some governments, corporate, NGOs, foundations and some private donors. It aimed to clean up the biased and random ratings by the other agencies and give a fair decision of the same.

Previous ratings were given by Standard & Poor, Moody and Fitch; and these agencies play an important role in evaluations. Reuters contacted many economists and officials to comment and clarify on the same but all of them denied saying a word about it.

"We essentially welcome INCRA's entry into the market because the oligopoly of the ratings agencies is one of the market's structural defects", said Johannes Mueller, Chief Economist and Fund Manager DWS.

France was given 7.9 by INCRA followed by Italy with 7.2 points. Brazil and Japan scored 6.8 and 6.0 respectively.