Dagong Europe Credit Rating Explained

Dagong Europe Credit Rating
Type:State-owned enterprise
Industry:Financial services
Location:Milan, Italy

Dagong Europe Credit Rating[1] is no longer a subsidiary of Dagong Global Credit Rating since 2019. It then changed name to DG International Ratings SRL. The European Securities and Markets Authority(ESMA) has withdrawn the credit rating agency (CRA)registration of DG International Ratings SRL(previously Dagong Europe Credit Rating Srl)(DG International).[2]

History

It was established in March 2012 with headquarters in Milan, Italy. In June 2013, it was registered and received authorization from the European Securities and Markets Authority ('ESMA') under the Article 16 of the Credit Rating Agency (CRA) regulation.[3] It is the first entity to have applied for registration as a CRA with shareholders from the People's Republic of China.[4] It is recognized by the Joint Committee of the three European Supervisory Authorities (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, Germany.

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.[5] [6] In 2018, the parent company's operations were suspended following accusations of corruption and doctored ratings in exchange for fees.[7] In 2019, the parent company was nationalized.[8] [9]

Notes and References

  1. Web site: Dagong Europe . Dagong Europe . 2014-02-19 . https://web.archive.org/web/20180820112616/http://www.dagongeurope.com/ . 2018-08-20 . dead .
  2. Web site: DG International Ratings SRL's CRA registration withdrawn . 2024-06-05 . www.esma.europa.eu.
  3. 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. en. 7. 2. 319–324. 10.1093/jfr/fjab007. 2053-4833. free.
  4. News: Jones. Huw. June 7, 2013. Chinese rating agency Dagong gets EU approval. Reuters. October 24, 2021. October 24, 2021. https://web.archive.org/web/20211024222111/https://www.reuters.com/article/eu-ratingsagencies-dagong-idUKL5N0EJ1SG20130607. live.
  5. Book: Doshi, Rush. The Long Game: China's Grand Strategy to Displace American Order. 2021-09-30. Oxford University Press. 978-0-19-752791-7. 1. 257. en. 10.1093/oso/9780197527917.001.0001. 1256820870.
  6. Web site: Corporate Culture. dead. https://web.archive.org/web/20161229222932/http://en.dagongcredit.com/about/culture.html. December 29, 2016. Dagong Global. October 24, 2021.
  7. Web site: 2018-08-18. Credit rating agency Dagong suspended in cash-for-ratings probe. 2021-10-24. South China Morning Post. en. 2021-09-09. https://web.archive.org/web/20210909183046/https://www.scmp.com/news/china/economy/article/2160313/chinese-credit-rating-agency-dagong-suspended-after-cash-ratings. live.
  8. Web site: April 18, 2019. State Firm Takes Over Disgraced Credit Rating Agency Dagong. live. 2021-10-24. Caixin. en. 2021-10-24. https://web.archive.org/web/20211024220832/https://www.caixinglobal.com/2019-04-18/state-firm-takes-over-disgraced-credit-rating-agency-dagong-101406014.html.
  9. Web site: July 12, 2021. Top China Credit Ratings Agency Sanctioned Twice in One Month. live. 2021-10-24. Caixin. en. 2021-10-24. 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.

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