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{{Short description|Chinese state-owned credit rating agency}}
{{refimprove|date=February 2016}}
{{Infobox company
{{Infobox company
| name = Dagong Global Credit Rating Co.
| name = Dagong Global Credit Rating Co.
| logo = [[File:Dagong_Global_Credit_Rating_logo.png|275px]]
| logo = Dagong_Global_Credit_Rating_logo.png
| type =
| logo_size = 275px
| type = [[State-owned enterprise]]
| foundation = 1994
| foundation = 1994
| founder =
| founder =
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| location_country = [[People's Republic of China|China]]
| location_country = [[People's Republic of China|China]]
| location =
| location =
| origins =
| key_people = [[Guan Jianzhong]] (Chairman)
| area_served =
| area_served =
| industry = [[Financial Services]]
| industry = [[Financial services]]
| products =
| products =
| services =
| services =
| revenue =
| revenue =
| operating_income =
| operating_income =
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| num_employees =
| num_employees =
| parent =
| parent =
| divisions =
| divisions =
| subsid =
| subsid =
| owner =
| owner = [[China Reform Holdings Corporation]]
⚫
| homepage = {{URL|dagongcredit.com}}
| company_slogan =
⚫
| homepage = [http://en.dagongcrg.com/ dagongcredit.com]
| intl = yes
| dissolved =
| dissolved =
| footnotes =
| footnotes =
}}
}}


'''Dagong Global Credit Rating''' ({{zh|s=大公国际资信评估有限公司|p=Dàgōng Guójì Zīxìn Pínggū Yǒuxiàn Gōngsī}}) is a [[credit rating agency]] based in [[People's Republic of China|China]].
'''Dagong Global Credit Rating''' ({{zh|s=大公国际资信评估有限公司|p=Dàgōng Guójì Zīxìn Pínggū Yǒuxiàn Gōngsī}}) is a [[State-owned enterprise|state-owned]] [[credit rating agency]] based in [[People's Republic of China|China]].


==History==
==History==


The company was established in 1994, following approval by the [[People's Bank of China]] and the [[State Economic and Trade Division]] of the [[People's Republic of China]].
The company was established in 1994, following approval by the [[People's Bank of China]] and the [[State Economic and Trade Division]] of the [[People's Republic of China]].<ref name=":0">{{Cite journal|last=Bush|first=Chunping|date=2021-09-01|title=The Rise and Fall of Dagong Global Credit Rating Agency: A Geopolitical Challenge for the Rating Industry|journal=Journal of Financial Regulation|language=en|volume=7|issue=2|pages=319–324|doi=10.1093/jfr/fjab007|issn=2053-4833|doi-access=free}}</ref>


In May 2009, an agreement of mutual cooperation was signed with [[Xinhua]] news agency, reported as "promoting a national credit rating system".<ref>http://news.xinhuanet.com/politics/2009-05/21/content_11414709.htm (Chinese) 新华社与大公国际签署合作框架协议</ref>
In May 2009, an agreement of mutual cooperation was signed with [[Xinhua News Agency]], reported as "promoting a national credit rating system".<ref>http://news.xinhuanet.com/politics/2009-05/21/content_11414709.htm {{Webarchive|url=https://web.archive.org/web/20160304124119/http://news.xinhuanet.com/politics/2009-05/21/content_11414709.htm |date=2016-03-04 }} (Chinese) 新华社与大公国际签署合作框架协议</ref> The company stated that it has used "[[dialectical materialism]]" as part of its evaluative approach.<ref>{{Cite book|last=Doshi|first=Rush|title=The Long Game: China's Grand Strategy to Displace American Order|date=2021-09-30|publisher=Oxford University Press|isbn=978-0-19-752791-7|edition=1|pages=257|language=en|doi=10.1093/oso/9780197527917.001.0001|oclc=1256820870}}</ref><ref>{{Cite web|title=Corporate Culture|url=http://en.dagongcredit.com/about/culture.html|url-status=dead|archive-url=https://web.archive.org/web/20161229222932/http://en.dagongcredit.com/about/culture.html|archive-date=December 29, 2016|website=Dagong Global|access-date=October 24, 2021}}</ref>


In June 2013, [[Dagong Europe Credit Rating]] was registered and received authorisation from the [[European Securities and Markets Authority]] as Credit Rating Agency. In the same year, it was recognised by the Joint Committee of the three European Supervisory Authorities ([[European Banking Authority|EBA]], [[European Securities and Markets Authority|ESMA]] and [[EIOPA]]) as External Credit Assessment Institutions operating in the [[European Union]].<ref>http://www.dagongeurope.com/about_us.php</ref>
In June 2013, [[Dagong Europe Credit Rating]] was registered and received authorisation from the [[European Securities and Markets Authority]] as Credit Rating Agency. In the same year, it was recognised by the Joint Committee of the three European Supervisory Authorities ([[European Banking Authority|EBA]], [[European Securities and Markets Authority|ESMA]] and [[EIOPA]]) as External Credit Assessment Institution operating in the [[European Union]].<ref>{{Cite web |url=http://www.dagongeurope.com/about_us.php |title=Dagong Europe :: Page_title_about_us |access-date=2017-04-12 |archive-date=2017-04-13 |archive-url=https://web.archive.org/web/20170413070944/http://www.dagongeurope.com/about_us.php |url-status=live }}</ref><ref name=":0" /> It was led by Mauro Alfonso until February 2014.<ref>{{Cite web |title=DAGONG EUROPE: DIRETTORE GENERALE MAURO ALFONSO ESCE DALLA SOCIETA' |url=https://www.agi.it/estero/agichina/dagong_europe_direttore_generale_mauro_alfonso_esce_dalla_societa_-3236301/news/2014-02-13/ |access-date=2022-04-05 |website=Agi |language=it}}</ref>


In 2018, Dagong's operations were suspended following accusations of corruption and doctored ratings in exchange for fees.<ref>{{Cite web|date=2018-08-18|title=Credit rating agency Dagong suspended in cash-for-ratings probe|url=https://www.scmp.com/news/china/economy/article/2160313/chinese-credit-rating-agency-dagong-suspended-after-cash-ratings|access-date=2021-10-24|website=South China Morning Post|language=en|archive-date=2021-09-09|archive-url=https://web.archive.org/web/20210909183046/https://www.scmp.com/news/china/economy/article/2160313/chinese-credit-rating-agency-dagong-suspended-after-cash-ratings|url-status=live}}</ref> In 2019, Dagong was [[Nationalization|nationalized]] with [[China Reform Holdings Corporation]] acquiring a 58% stake as part of the rectification process.<ref>{{Cite web|date=April 18, 2019|title=State Firm Takes Over Disgraced Credit Rating Agency Dagong|url=https://www.caixinglobal.com/2019-04-18/state-firm-takes-over-disgraced-credit-rating-agency-dagong-101406014.html|url-status=live|access-date=2021-10-24|website=[[Caixin]]|language=en|archive-date=2021-10-24|archive-url=https://web.archive.org/web/20211024220832/https://www.caixinglobal.com/2019-04-18/state-firm-takes-over-disgraced-credit-rating-agency-dagong-101406014.html}}</ref><ref>{{Cite web|date=July 12, 2021|title=Top China Credit Ratings Agency Sanctioned Twice in One Month|url=https://www.caixinglobal.com/2021-07-12/top-china-credit-ratings-agency-sanctioned-twice-in-one-month-101739350.html|url-status=live|access-date=2021-10-24|website=[[Caixin]]|language=en|archive-date=2021-10-24|archive-url=https://web.archive.org/web/20211024220825/https://www.caixinglobal.com/2021-07-12/top-china-credit-ratings-agency-sanctioned-twice-in-one-month-101739350.html}}</ref>
In July 2014, Dagong Global Credit Rating (Hong Kong) Co., Limited was granted a Type 10 License (Providing Credit Rating Services) by the [[Securities and Futures Commission]] of Hong Kong.

==Long-term credit ratings==
[[File:Notation financière des Etats européens par DGCR.svg|thumb|Dagong credit rating map of Europe]]
Dagong rates borrowers on a scale from AAA to C. Intermediate ratings are offered at each level between AA and CC (e.g., AA+, AA, and AA-).<ref name="Dagong Rating Scale">{{cite web|title=Symbols and Definition of Dagong’s Credit Rating Scale |publisher=Dagong Global Credit Rating Co. |url=http://www.dagongcredit.com/dagongweb/uf/rating%20definition.pdf |format=pdf |accessdate=9 February 2011 |deadurl=yes |archiveurl=https://web.archive.org/web/20110703054541/http://www.dagongcredit.com/dagongweb/uf/rating%20definition.pdf |archivedate=3 July 2011 |df= }}</ref>

* '''AAA''': Highest credit rating
* '''AA''': Very High credit rating
* '''A''': High credit rating
* '''BBB''': Medium credit rating
* '''BB''': Low medium credit rating
* '''B''': Relatively low credit rating
* '''CCC''': Low credit rating
* '''CC''': Very low credit rating.
* '''C''': Lowest credit rating. Issuer is unable to meet financial obligations and possibly in the process of bankruptcy.

==Short-term credit ratings==
Debt with maturity dates of 1 year or shorter are rated on a scale from A-1 to D. No intermediate ratings (e.g., B+ and B-) are used.<ref name="Dagong Rating Scale"/>

* '''A-1''': Highest credit rating
* '''A-2''': Good credit rating
* '''A-3''': Fair credit rating
* '''B''': Significant speculative credit rating
* '''C''': High default risk credit rating
* '''D''': Default


==See also==
==See also==
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{{reflist}}
{{reflist}}


==External links==
== External links ==

*[http://en.dagongcrg.com/ Dagong Global]
* {{Official website}}


[[Category:1994 establishments in China]]
[[Category:1994 establishments in China]]
[[Category:Credit rating agencies]]
[[Category:Credit rating agencies]]
[[Category:Government-owned companies of China]]


{{finance-company-stub}}

Latest revision as of 03:20, 28 October 2023

Dagong Global Credit Rating Co.
Company typeState-owned enterprise
IndustryFinancial services
Founded1994
Headquarters
Beijing
,
China
OwnerChina Reform Holdings Corporation
Websitedagongcredit.com

Dagong Global Credit Rating (Chinese: 大公国际资信评估有限公司; pinyin: Dàgōng Guójì Zīxìn Pínggū Yǒuxiàn Gōngsī) is a state-owned credit rating agency based in China.

History

[edit]

The company was established in 1994, following approval by the People's Bank of China and the State Economic and Trade Division of the People's Republic of China.[1]

In May 2009, an agreement of mutual cooperation was signed with Xinhua News Agency, reported as "promoting a national credit rating system".[2] The company stated that it has used "dialectical materialism" as part of its evaluative approach.[3][4]

In June 2013, Dagong Europe Credit Rating was registered and received authorisation from the European Securities and Markets Authority as Credit Rating Agency. In the same year, it was recognised by the Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA) as External Credit Assessment Institution operating in the European Union.[5][1] It was led by Mauro Alfonso until February 2014.[6]

In 2018, Dagong's operations were suspended following accusations of corruption and doctored ratings in exchange for fees.[7] In 2019, Dagong was nationalized with China Reform Holdings Corporation acquiring a 58% stake as part of the rectification process.[8][9]

See also

[edit]

References

[edit]
  1. ^ a b Bush, Chunping (2021-09-01). "The Rise and Fall of Dagong Global Credit Rating Agency: A Geopolitical Challenge for the Rating Industry". Journal of Financial Regulation. 7 (2): 319–324. doi:10.1093/jfr/fjab007. ISSN 2053-4833.
  2. ^ http://news.xinhuanet.com/politics/2009-05/21/content_11414709.htm Archived 2016-03-04 at the Wayback Machine (Chinese) 新华社与大公国际签署合作框架协议
  3. ^ Doshi, Rush (2021-09-30). The Long Game: China's Grand Strategy to Displace American Order (1 ed.). Oxford University Press. p. 257. doi:10.1093/oso/9780197527917.001.0001. ISBN 978-0-19-752791-7. OCLC 1256820870.
  4. ^ "Corporate Culture". Dagong Global. Archived from the original on December 29, 2016. Retrieved October 24, 2021.
  5. ^ "Dagong Europe :: Page_title_about_us". Archived from the original on 2017-04-13. Retrieved 2017-04-12.
  6. ^ "DAGONG EUROPE: DIRETTORE GENERALE MAURO ALFONSO ESCE DALLA SOCIETA'". Agi (in Italian). Retrieved 2022-04-05.
  7. ^ "Credit rating agency Dagong suspended in cash-for-ratings probe". South China Morning Post. 2018-08-18. Archived from the original on 2021-09-09. Retrieved 2021-10-24.
  8. ^ "State Firm Takes Over Disgraced Credit Rating Agency Dagong". Caixin. April 18, 2019. Archived from the original on 2021-10-24. Retrieved 2021-10-24.
  9. ^ "Top China Credit Ratings Agency Sanctioned Twice in One Month". Caixin. July 12, 2021. Archived from the original on 2021-10-24. Retrieved 2021-10-24.
[edit]
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