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China Credit Rating Agency Dagong Global to Pay 10% of Claims by Bondholders
8th January 2021 | Hong Kong
One of China’s largest credit agency, Dagong Global Credit Rating, has been ruled by a Chinese court to repay up to a 10% (limit) of defaulted bonds with value of at least $76.2 million (CNY 494 million) to more than 400 bondholders of China construction company, Wuyang Construction Group. The ruling by Hangzhou Intermediate People’s Court, cited the credit rating agency (Dagong), legal representative, underwriter (Tebon Securities), an accounting firm and a legal firm, to be collectively responsible for falsifying information to win regulatory approval.
” China credit agency to pay10% of claims by bondholders “
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Wuyang Bond Defaults, Dagong Global Credit Rating Suspended
In 2017, Wuyang Construction had defaulted on 2 bonds totalling $220 million (CNY 1.4 billion). Thereafter, Chinese regulators alleged that financial documents had been falsified by the company to win regulatory approval. In 2018, Chinese regulators had banned Dagong Global from rating bonds for a year for providing false information and charging high fees for consulting services.
Largest Credit Agencies in China
Dagong Global Credit Rating is one of the largest credit agency in China alongside China Chengxin International Credit Rating and Golden Credit Rating International. Globally, the 3 largest credit rating agencies are S&P Global Ratings, Moody’s and Fitch Group.
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