Dagong Europe Credit Rating is a subsidiary of Chinese state-owned

credit rating agency A credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor's ability to pay back debt by making timely principal and interest payments and the likelihood of Default (finance), default ...

Dagong Global Credit Rating Dagong Global Credit Rating () is a state-owned credit rating agency based in China. 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 Republ ...

. It was established in March 2012 with headquarters in

Milan Milan ( , , Lombard: ; it, Milano ) is a city in northern Italy, capital of Lombardy, and the second-most populous city proper in Italy after Rome. The city proper has a population of about 1.4 million, while its metropolitan city h ...

Italy Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical ...

. In June 2013, it was registered and received authorization from the

European Securities and Markets Authority The European Securities and Markets Authority (ESMA) is an independent European Union Authority located in Paris. ESMA replaced the Committee of European Securities Regulators (CESR) on 1 January 2011. It is one of the three new European Sup ...

('ESMA') under the Article 16 of the Credit Rating Agency (CRA) regulation. It is the first entity to have applied for registration as a CRA with shareholders from the People's Republic of China. It is recognized by the Joint Committee of the three

European Supervisory Authorities The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union that has been in operation since 2011. The system consists of the ''European Supervisory Authorities'' (ESAs), the European Syste ...

(EBA, ESMA and EIOPA – ESAs) as External Credit Assessment Institutions (ECAI) operating in the European Union. In December 2016, Dagong Europe opened its branch office in

Frankfurt Frankfurt, officially Frankfurt am Main (; Hessian: , " Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on it ...

Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwe ...

. Dagong Europe is solely owned by its parent company, Dagong Global Credit Rating. The parent company stated that it has used " dialectical materialism" as part of its evaluative approach. In 2018, the parent company's operations were suspended following accusations of corruption and doctored ratings in exchange for fees. In 2019, the parent company was

nationalized Nationalization (nationalisation in British English) is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state. Nationalization usually refers to p ...

References

External links

* {{Official website Credit rating agencies Financial services companies of Italy Italian companies established in 2012 Companies based in Milan Government-owned companies of China zh:大公欧洲资信评估