Dagong Global Credit Rating Co., Ltd.

Dagong Global Credit Rating Co., Ltd. (known as "Dagong Global") was established in 1994 with the approval of the People's Bank of China and the former State Economic and Trade Commission. It is a credit rating agency and a subsidiary of China National Information Co., Ltd. It provides domestic and international ratings, credit research, and other services.

The development history of Dagong Global is as follows:

1. In 1994, Dagong Global Credit Rating Co., Ltd. was established.
2. In 1999, a three-year technical cooperation with Moody's Corporation was initiated to learn international rating standards and methods.
3. In 2006, the publication of "Reevaluation of China's Credit Rating Industry" was released.
4. In 2007, together with Tianjin University of Finance and Economics, the Tianjin University of Finance and Economics Dagong Credit Management College was founded.
5. In 2013, it received approval from the European Securities and Markets Authority to conduct rating business within the European Union.
6. In 2014, Dagong Global Credit Rating (Hong Kong) Co., Ltd. was approved by the Hong Kong Securities and Futures Commission to conduct rating business.
7. In 2018, due to issues such as directly providing consultancy services to rated enterprises and charging high fees, Dagong Global was given a serious warning and ordered to make corrections by the National Association of Financial Market Institutional Investors and the Beijing Securities Regulatory Bureau, and its related business was suspended for one year.
8. In 2019, China National acquired shares in Dagong Global.

Dagong Global's services mainly cover the following areas:

1. Domestic Rating: Conducting credit ratings on all debt instruments and participants in the Chinese capital market, including enterprises, financial institutions, local governments, and project financing.
2. International Rating: Conducting credit ratings on the sovereign, financial institutions, enterprises, local governments, and project financing of various countries.
3. Credit Research: Conducting in-depth analysis on bond markets, macroeconomic trends, industries, and special topics, publishing credit research reports to offer credit risk management and decision-making support for investors.
4. Investor Services: Providing services such as credit rating information inquiries, credit risk monitoring, credit risk warnings, and credit risk assessment to help investors understand market dynamics and changes in credit risk.
5. Products and Services: Offering credit rating consultancy, credit management training, credit management software development, and other products and services to issuers, intermediaries, regulatory bodies, supporting the construction and development of credit systems.

Symbols and definitions of Dagong Global's credit ratings:

1. Credit Rating Symbols: Include AAA, AA, A, BBB, BB, B, CCC, CC, C. Except for AAA and grades below CCC, each credit rating can be fine-tuned with a '+' or '-' symbol, indicating slightly higher or lower than the grade.
2. Credit Rating: Denoted by symbols that identify the rated entity and bonds in terms of the level of probability of their ability and willingness to repay debt in the future.
3. Rating Definition: The explanation of the meaning of credit rating symbols, reflecting the level of credit risk each credit rating represents.
4. Rating Methodology: Analyzing various factors affecting the credit risk of the rating object and establishing appropriate evaluation models and index systems.