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 owne ...

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 ...

based in

China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...

History

The company was established in 1994, following approval by the

People's Bank of China The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by ...

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 List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...

. 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 co ...

" 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 ...

was registered and received authorisation 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 ...

as Credit Rating Agency. In the same year, it was recognised by the Joint Committee of the three European Supervisory Authorities (

EBA Ẹ̀bà (in Nigeria) or Pinon (in Togo, Benin, and southern Ghana) is a staple food mainly eaten in the West African sub-region and other African countries. The term èbà originates from the Yoruba people of southwest Nigeria. It is a coo ...

, 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 R ...

) as External Credit Assessment Institution operating in the

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are located primarily in Europe, Europe. The union has a total area of ...

. 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 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 1994 establishments in China Credit rating agencies Government-owned companies of China

History

See also

References

External links