Chinese rating agency Dagong lost a license for a year

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The license of the rating agency Dagong Global Credit Ratings has been suspended by Chinese regulators, South China Morning Post reports. Dagong is one of the three largest rating agencies in China, which actions were repeatedly criticized by international experts, noting the overestimation of the ratings of Chinese issuers. Foreign rating agencies currently can operate in China only as part of joint ventures with local companies. As noted by the representative of the Chinese Commission for Regulation of the securities market, during the audit of the office of Dagong, violations in the use of the official press, “chaotic management”, high fees for consulting services, problems in financial models used in issuing bond ratings were detected.

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