User:Itsidney/sandbox

Dagong Europe Credit Rating srl (Dagong Europe) was established in March 2012 with headquarters in Milan, Italy. In June 2013, Dagong Europe received authorization and registration by the European Securities Market Authority ('ESMA') under the Article 16 of the Credit Rating Agency (CRA) regulation. Dagong Europe is the first entity to have applied for registration as a CRA with shareholders from the People's Republic of China.

Dagong Europe provides credit opinions on financial institutions including insurance companies and non-financial corporates. Dagong Europe does not provide sovereign ratings or ratings on securitisations.

Dagong Europe is a joint venture between Dagong Global Credit Rating (60% ownership) headquartered in Beijing, China, and Mandarin Capital Partners (40% ownership), led by Mauro Alfonso, General Manager. The board of directors is chaired by Guan Jianzhong as Chairman and Chairman at Dagong Global, and Lorenzo Stanca, Deputy Chairman for Dagong Europe and Managing Partner at Mandarin Capital Partners.

Credit Ratings

 * Long-Term Credit Rating Scale: Assigned to issuers (debt obligations) with tenors exceeding 12 months.


 * Short-Term Credit Rating Scale: Assigned to issuers (debt obligations) with tenors below 12 months. Could be extended under some certain circumstances.

Long-Term Ratings
Dagong Europe's Long-Term Credit Ratings consists of ten categories, ranging from ‘AAA’ – the highest credit quality, to ‘D’ – an actual default context.

Each category (except ‘AAA’ and credit ratings below ‘CCC’) can be further divided into three sub-categories:

(+): highest position

No symbol: middle and

(-): lowest position within the category.

The ten categories identify the credit quality of the debt obligators are:


 * AAA: Highest Credit Quality


 * AA: Very High Credit Quality


 * A: High Credit Quality


 * BBB: Medium Credit Quality


 * BB: Speculative Credit Quality


 * B: Highly Speculative Credit Quality


 * CCC: High Credit Risk


 * CC: Very High Credit Risk


 * C: Highest Credit Risk


 * D: Default status

Short-Term Ratings
Dagong Europe’s Short-Term Credit Ratings consist of six categories, ranging from ‘A-1’ – the highest financial capacity to fulfill short-term debt obligations, to ‘D’ – default.

The six categories identify the debt issuers's financial strength within the next 12 months are:


 * A-1: Superior short-term financial strength


 * A-2: Strong short-term financial strength


 * A-3: Sufficient short-term financial strength


 * B: Acceptable ability to repay debt obligations


 * C: Questionable ability to repay debt obligations


 * D: Default status

Long-Term and Short-Term Credit Rating Relationship
The comparison is only indicative and may be subject to changes. (Long-Term = Short-Term)


 * From AAA to A = A-1


 * A- = A-1 or A-2


 * BBB+ = A-2


 * BBB = A-2 or A-3


 * BBB- = A-3


 * From BB+ to B- = B


 * From CCC+ to C = C


 * D = D