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Dagong Global expands to Latin America

Reporter: Yang Chengxi 丨 CCTV.com

07-23-2014 00:19 BJT

Dagong Global Credit Rating, China’s credit rating agency, is expanding its business to Latin America. The Republic of Suriname asked the agency to provide a sovereign rating for the South American country. This marks the first time that a Chinese rating agency has been engaged by a Latin American country.

The Republic of Suriname is located in Latin America’s northern region, bordering Brazil and the Atlantic Ocean. The resource-rich country mainly exports gold, aluminium ore, oil and petrochemical products. Dagong Global has given the country a sovereign rating of BB+ with a steady outlook. The agency believes that with the country’s political environment stabilizing, its debt-paying ability will remain steady.

"We believe delegating Dagong Global to provide Suriname’s ratings is important for the financial institutions that invest in our country, since China is a leading economy in the world," Surinamese Central Bank Governor Gillmore Hoefdraad said.

This is the first time for Dagong Global to provide services to a South American country. Analysts say it signals the growing influence of China’s rating agencies.

"We hope that by providing the Republic of Suriname with a sovereign rating assessment, we can help the country build a bridge for investment from China," Dagong Global Credit Rating Chairman Guan Jianzhong said.

By 2013, China’s non-financial investments in Latin America hit 83.4 billion US dollars, accounting for 13% of the country’s outbound investments. The region has become China’s second biggest investment destination. 

Bilateral trade is also surging, with the total trade volume hitting over 260 billion US dollars in 2013, China is now the third biggest trade partner for Latin America. Predictions have shown that trade and investment between the two sides will continue to grow in the foreseeable future.

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