Bloomberg LP has announced that it will come up with a new rating system. This would be provided as a service on its terminals and would show the credit worthiness of a company.

It will be relative in nature and will not be like the traditional credit rating system.

Bloomberg is into the business of providing business and market-related news and information.

Talking to the media, the spokeswoman of the company said that the rating system will be a quantitative tool. The idea behind this is to provide the user relative creditworthiness of a company in question.

The rating will be based on the public information gathered on a debt issuer.

As per the company, the ratings thus provided will be in contrast to the ones provided by Moody's Investors Service, Standard & Poor's and Fitch Ratings.

These company's' rating is dependent on the public data and is also based on the insider information. The final rating is thus a combination of the two and is provided by a committee.

The three rating agencies can also apply for certification with the SEC, but Bloomberg does not want to do that.