Industry Financial Services | Website dagongcredit.com Founded 1994 | |
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Key people Guan Jianzhong (Chairman) | ||
Dagong Global Credit Rating (Chinese: 大公国际资信评估有限公司; pinyin: Dàgōng Guójì Zīxìn Pínggū Yǒuxiàn Gōngsī) is a credit rating agency based in China.
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In standard Mandarin, Dagong is first half of the four-character idiom Dagong wusi (大公无私) which can be translated into English as 'impartial and without prejudice'.
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. In May 2009, an agreement of mutual cooperation was signed with Xinhua news agency, reported as "promiting a national credit rating system". In 2010, the United States SEC rejected an application by Dagong to enter the US marketplace, on the grounds of its inability to control a transnational corporation.
Long-term credit ratings
Dagong rates borrowers on a scale from AAA to C. Intermediate ratings are offered at each level between AA and CC (e.g., AA+, AA, and AA-).
Short-term credit ratings
Debt with maturity dates of 1 year or shorter are rated on a scale from A-1 to D. No intermediate ratings (e.g., B+ and B-) are used.
Credibility
Dagong has been described as one of the few notable non-US based credit rating agencies but others have described Dagong's ratings as, "hardly followed outside China."