Dagong Global Credit Rating () is a
state-owned
State ownership, also called government ownership and public ownership, is the ownership of an industry, asset, or enterprise by the state or a public body representing a community, as opposed to an individual or private party. Public ownersh ...
credit rating agency based in
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
.
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
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
.
In May 2009, an agreement of mutual cooperation was signed with
Xinhua News Agency
Xinhua News Agency (English pronunciation: )J. C. Wells: Longman Pronunciation Dictionary, 3rd ed., for both British and American English, or New China News Agency, is the official state news agency of the People's Republic of China. Xinhua ...
, reported as "promoting a national credit rating system". The company stated that it has used "
dialectical materialism
Dialectical materialism is a philosophy of science, history, and nature developed in Europe and based on the writings of Karl Marx and Friedrich Engels. Marxist dialectics, as a materialist philosophy, emphasizes the importance of real-world con ...
" as part of its evaluative approach.
In June 2013,
Dagong Europe Credit Rating
Dagong Europe Credit Rating is a subsidiary of Chinese state-owned credit rating agency Dagong Global Credit Rating. It was established in March 2012 with headquarters in Milan, Italy. In June 2013, it was registered and received authorization f ...
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
The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory institution that replaced the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). It is established under EU Re ...
) as External Credit Assessment Institution operating in the
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...
.
It was led by Mauro Alfonso until February 2014.
In 2018, Dagong's operations were suspended following accusations of corruption and doctored ratings in exchange for fees. In 2019, Dagong was
nationalized.
See also
*
List of countries by credit rating
This is a list of countries by credit rating, showing long-term foreign currency credit ratings for sovereign bonds as reported by the largest three major credit rating agencies: Standard & Poor's, Fitch, and Moody's. The list also includes all ...
*
Dagong Europe Credit Rating
Dagong Europe Credit Rating is a subsidiary of Chinese state-owned credit rating agency Dagong Global Credit Rating. It was established in March 2012 with headquarters in Milan, Italy. In June 2013, it was registered and received authorization f ...
References
External links
* {{Official website
1994 establishments in China
Credit rating agencies
Government-owned companies of China