Money

China's Dagong issues 2nd credit rating report

(Xinhua)
Updated: 2010-10-21 17:22
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BEIJING - Dagong Global Credit Rating Co Ltd, a Chinese credit rating institution, Wednesday released its second sovereign or regional credit rating report covering nine countries and regions.

The nine countries and regions were Sweden, Tunisia, Morocco, Peru, Austria, Latvia, and Hong Kong, Macao and Taiwan.

In terms of currency-denominated debt, Hong Kong and Sweden received the institution's top AAA rating.

Also, Macao and Austria were rated AA-plus while Taiwan received an AA-minus. Tunisia, Morocco and Peru received BBB ratings, while Latvia was rated BB, the weakest rating in the report.

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Dagong Global provides three-level (A,B,C) assessments, with each level containing three sublevels, for example AAA, AA and A. Wednesday's report came after the institute's first release of sovereign credit rating report on July 11 this year. The report covered 50 countries whose gross domestic product accounts for 90 percent of the world's total economy.

Compared to the US-based Moody's, Standard & Poor's, and Fitch, Dagong Global gave Hong Kong and Macao higher ratings, while rating Austria lower. Other countries and regions covered in the report, however, received similar ratings.