Dagong Europe Credit Rating
Corporate brand
UnclaimedDagong Europe Credit Rating was an Italian credit-rating agency established as the European subsidiary of China's Dagong Global Credit Rating.
Last updated August 31, 2026
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Overview
Dagong Europe Credit Rating was a credit-rating agency headquartered in Milan, Italy. Established in March 2012, it was created as the European operating arm of Dagong Global Credit Rating, a Chinese ratings group. Its formation attracted attention because it was the first entity with shareholders from the People's Republic of China to apply for registration as a credit-rating agency in the European Union. The company obtained registration and authorization from the European Securities and Markets Authority (ESMA) in June 2013 under Article 16 of the European Union's Credit Rating Agency Regulation. It was also recognized by the European Supervisory Authorities—the European Banking Authority, ESMA, and the European Insurance and Occupational Pensions Authority—as an External Credit Assessment Institution operating in the EU. This status enabled its ratings to be considered within certain European regulatory assessment frameworks. Dagong Europe's activities centered on credit assessment and ratings for issuers and debt instruments. Its establishment formed part of Dagong Global's effort to develop an international ratings network and present an alternative to the large established Western agencies. The parent group described its methodology as incorporating a form of dialectical-materialist analysis, distinguishing the agency from conventional ratings approaches in its public positioning. In December 2016, the company expanded its European presence by opening a branch office in Frankfurt, Germany. The agency's position later became uncertain amid regulatory and governance problems affecting its parent organization. In 2018, Dagong Global Credit Rating's operations were suspended following accusations involving corruption and the alleged production of doctored ratings in exchange for fees. The parent company was nationalized in 2019, and Dagong Europe was no longer its subsidiary from that year. After the separation from Dagong Global, the European entity changed its name to DG International Ratings SRL, also referred to as DG International. ESMA subsequently withdrew the registration of DG International Ratings SRL, formerly Dagong Europe Credit Rating Srl, as a credit-rating agency. The original Dagong Europe brand is therefore no longer an active EU-registered credit-rating agency.
History
Dagong Europe Credit Rating was established in March 2012 in Milan as the European subsidiary of Dagong Global Credit Rating. Its creation was part of Dagong Global's international expansion beyond China and its attempt to establish a presence in the European credit-rating market. The company was notable for having shareholders from the People's Republic of China and was described as the first such entity to apply for registration as an EU credit-rating agency. In June 2013, Dagong Europe obtained registration and authorization from the European Securities and Markets Authority under Article 16 of the European Union's Credit Rating Agency Regulation. It was also recognized by the Joint Committee of the European Supervisory Authorities—the EBA, ESMA, and EIOPA—as an External Credit Assessment Institution operating in the European Union. These regulatory recognitions placed the agency within the EU's formal framework for credit-rating organizations and allowed its assessments to be used in relevant regulatory contexts. The agency's business was based on credit analysis and ratings covering issuers and debt instruments. Its parent organization sought to present Dagong's methodology as an alternative to the approaches used by the dominant international ratings firms. Dagong Global stated that its analytical framework incorporated dialectical materialism, a philosophical and methodological concept that it associated with its assessment of economic and credit conditions. Dagong Europe expanded its regional footprint in December 2016 by opening a branch office in Frankfurt, Germany. The move gave the company an additional location in one of Europe's principal financial centers, although the available reference material does not provide detailed information about its revenues, rating volumes, workforce, or individual executives. The agency's subsequent history was shaped by problems involving its parent group. In 2018, Dagong Global's operations were suspended following accusations of corruption and the alleged production of doctored ratings in exchange for fees. These allegations concerned the parent organization and created a significant governance and reputational context for its European affiliate. In 2019, Dagong Global was nationalized, and Dagong Europe was no longer a subsidiary of the group. Following the change in ownership relationship, the European entity changed its name to DG International Ratings SRL, previously known as Dagong Europe Credit Rating Srl, and was also referred to as DG International. ESMA later withdrew the registration of DG International Ratings SRL as a credit-rating agency. As a result, Dagong Europe Credit Rating is best treated as a discontinued or superseded brand rather than a currently operating EU-registered ratings agency. The available sources do not establish the precise date of the registration withdrawal, the company's final operating date, or its successor ownership in detail.
- 2019
Separation from Dagong Global and rebranding
[1]Dagong Europe was no longer a subsidiary of Dagong Global and subsequently changed its name to DG International Ratings SRL.
- 2018
Parent-company operations suspended
[1]Dagong Global's operations were suspended amid accusations concerning corruption and ratings allegedly doctored in exchange for fees.
- 2016
Frankfurt branch opened
[1]The company opened a branch office in Frankfurt, Germany, in December.
- 2013
ESMA registration and authorization
[1]In June, ESMA registered and authorized the agency under Article 16 of the EU Credit Rating Agency Regulation.
- 2013
Recognition as an EU External Credit Assessment Institution
[1]Dagong Europe was recognized by the Joint Committee of the EBA, ESMA, and EIOPA as an ECAI operating in the European Union.
- 2012
Company established in Milan
[1]Dagong Europe Credit Rating was established in March in Milan, Italy, as the European arm of Dagong Global Credit Rating.
ESMA registration withdrawn
[1]ESMA withdrew the credit-rating-agency registration of DG International Ratings SRL, formerly Dagong Europe Credit Rating Srl.
Products and positioning
A China-linked European credit-rating agency positioned as an alternative to established Western ratings providers, with a methodology publicly associated with Dagong Global Credit Rating's stated use of dialectical-materialist analysis.
Credit-rating services
Issuer credit ratings
Assessments of the creditworthiness of organizations or public-sector issuers. The available reference material identifies issuer ratings as part of the agency's credit-assessment business, but does not provide a detailed catalog of rating methodologies, sectors, or rating volumes.
Credit-rating services
Debt-instrument ratings
Credit assessments of debt instruments issued in the European market. These services formed part of the agency's role as an EU-authorized credit-rating agency, although specific instrument classes and named rating programs are not detailed in the available sources.
Controversies
2018
Dagong Global corruption and ratings allegations
Dagong Global Credit Rating, the parent company of Dagong Europe, faced accusations of corruption and of producing doctored ratings in exchange for fees. Its operations were suspended. The available material does not establish that Dagong Europe itself was accused of the same conduct, so the matter is recorded as a parent-company scandal affecting the brand's context.
Brand decisions
2019
Separation and change of corporate nameStrategyBackground
Following the nationalization of Dagong Global Credit Rating, Dagong Europe was no longer a subsidiary of its former parent.
Action taken
The European entity changed its name to DG International Ratings SRL, also known as DG International.
Aftermath
ESMA later withdrew the entity's registration as a credit-rating agency. The precise timing and operational consequences of the withdrawal are not specified in the available reference material.
Recent events
Reported
Yodel and DG International partner on global delivery service[2]
Yodel partnered with freight forwarder DG International to launch a global outbound delivery service for UK retailers.
Reported
Yodel launches Yodel International delivery service[2]
Yodel launched its Yodel International service, offering home delivery to more than 200 countries and territories for parcels up to 30kg.
Sources2 sources
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