Chinese credit rating firm Dagong Global gives Ireland BBB for sovereign debt credit rating

17:01, December 06, 2010      

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Chinese credit rating firm Dagong Global Credit Rating assessed the sovereign credit rating of Ireland at BBB in its third sovereign or regional credit rating report released Monday.

Dagong's credit rating of Ireland is lower than that given by Moody's, Standard and Poor's and Fitch.

"Dagong made its assessment based on factors such as Ireland's increasing debt level, the administrative capability of its government, economic and financial strength," Dagong Global said.

Dagong Global's announcement follows the proposed 85-billion-euro bailout of debt-hit Ireland by the European Union and the International Monetary Fund.

Dagong's report also rated four other nations - Finland, Uruguay, Kenya and Sudan.

In terms of domestic currency-denominated debt, Finland received the firm's top AAA rating, but with a negative outlook.

Uruguay was rated BB-plus while Kenya received a B rating.

Sudan was rated C, the nation's first sovereign credit rating.

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

The rating agency published sovereign credit ratings in two earlier reports. One on July 11 rated 50 countries. The second on October 20 rated nine countries and regions.

Founded in 1994, Dagong Global is a pioneer in the rating of industry, region and sovereign debt. It is also a leading credit rating firm for corporate bonds, financial bonds and structured debt.



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