Dagong Global starts rating int'l financial institutions

14:20, July 23, 2011      

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The Chinese rating agency Dagong Global Credit Rating Co. extended its reach into foreign financial institutions as it published its first rating report on a Malaysia-based bank Friday.

Dagong Global assigned the long-term local currency rating of Malaysia's CIMB Bank at AA and that of the foreign currency at AA-, both carrying a positive outlook.

The ratings showed CIMB Bank's vigorous business situation, brand effect in the Association of Southeast Asian Nations (ASEAN) regions and internal cooperation as a universal bank, said Dagong in the report.

CIMB Bank is a wholly-owned subsidiary of the CIMB Group, Malaysia's second largest financial service provider.

This rating has been conducted under brand new international rating standards that are different from Western ones, which marks Dagong's debut on the global corporate rating stage, said the agency.

Nazir Razak, chief executive officer of CIMB Group, said Dagong's rating has provided an alternative assessment of CIMB Bank's financial strength and credit condition for regulators, fund managers and investors.

The Asian market needs its own rating agency with different perspectives from the Western agencies, and Dagong has everything to become a qualified Asian leader in this field, he added.

Dagong Global uses a three-level assessment system, with each level containing three sub-levels, for example, AAA, AA and A.

Dagong Global published sovereign credit ratings on 50 countries last July, which made the agency the first sovereign credit rater outside the West.

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