Dagong Global Credit

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Dagong Global Credit
legal form
founding 1994
Seat Beijing , People's Republic of ChinaChina People's RepublicPeople's Republic of China 
Branch Rating agency
Website www.dagongcredit.com

Dagong Global Credit is a Chinese rating agency .

The company also receives government funding, but describes itself as independent of it. The employees and partners are not allowed to work in the bond and stock market.

Dagong's valuations have no significant impact on the decisions of the Chinese central bank .

history

Dagong was founded in 1994 by Guan Jianzhong , who is also chairman of the board, and in the early years focused on rating local companies. In 2016, Dagong Global Credit had around 1,300 employees, the majority of them in China. The company now also evaluates the creditworthiness of foreign companies and other countries. Dagong was also active in Europe; the European headquarters are in Milan.

criticism

Of all Chinese rating agencies, Dagong had the highest proportion of upgrades since the beginning of 2017, which earned her the accusation of lack of diligence on the part of the authorities and warnings. The China Securities Regulatory Commission banned the agency from rating bonds for a year in 2018. This is the toughest penalty ever imposed on a rating company. Dagong's management is chaotic, it said on the part of the regulatory authority. Of the 1,744 Chinese issuers that Dagong rated up to June 2018, 97 percent were rated at least AA. There were also allegations of excessive rating fees, which challenged the agency's independence.

Individual evidence

  1. ↑ a b c Jutta Lietsch: “Ideology is not a standard”. In: the daily newspaper . July 25, 2011. Retrieved July 25, 2011 .
  2. ↑ a b Nina Trentmann: This Chinese is planning to save the world economy. In: Welt Online . September 2, 2016, accessed September 2, 2016 .
  3. ↑ Bernhard Bartsch: Beijing's Triumph. In: Frankfurter Rundschau . July 31, 2011, accessed August 1, 2011 .
  4. ↑ Tobias Bayer: A German attacks the three rating giants. In: Welt Online. July 29, 2014, accessed September 2, 2016 .
  5. ↑ China blocks rating agency , in faz.net, August 20, 2018.
  6. ↑ Orange Wang: Chinese credit rating agency Dagong suspended after cash-for-ratings probe. In: South China Morning Post, August 18, 2018.