Dagong Global issues 2nd credit rating report
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Dagong Global Credit Rating Co. Ltd., a Chinese credit rating firm, Wednesday released its second sovereign or regional credit rating report covering nine countries and regions.
The nine countries and regions covered by the report were Sweden, Tunisia, Morocco, Peru, Austria, Latvia, and Hong Kong, Macao and Taiwan.
In terms of domestic currency-denominated debt, Hong Kong and Sweden received the firm's top AAA rating. Also, Macao and Austria were rated AA-plus while Taiwan received an AA-minus.
Tunisia, Morocco and Peru received BBB ratings, while Latvia was rated BB, the weakest rating in the report.
Dagong Global provides three-level (A,B,C) assessments, with each level containing three sub-levels, for example AAA, AA, A.
Wednesday's report came after the company released its first sovereign credit rating report on July 11 this year, which covered 50 countries whose gross domestic product accounts for 90 percent of the world's total economy.
Compared to the U.S.-based Moody's, Standard & Poor's, and Fitch, Dagong Global gave Hong Kong and Macao higher ratings, while rating Austria lower. Other countries and regions covered in the report, however, received similar ratings.
Founded in 1994, Dagong Global is a pioneer in creating credit rating standards on industries, regions and sovereignties in China, and is also leading the credit rating market in corporate bonds, financial bonds and structured financing bonds.
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