Source: ticket friends-things like the bill circle

The archduke was punished: he was double killed and suspended from business for one year.

On the afternoon of August 17, Bank of China Ltd. Market Dealers Association issued a notice saying that it had decided to give Dagong International Credit Assessment Co., Ltd. a serious warning, ordered it to make rectification within a time limit, and suspend related business in the debt financing instrument market for one year.

In the evening of the same day, the SFC's official WeChat account "SFC release" also announced that it would "suspend Dagong's international securities rating business for one year." According to the official notice of the CSRC, the Beijing Securities Regulatory Bureau and the China Securities Industry Association recently carried out a special on-site inspection of Dagong International Credit Assessment Co., Ltd. (hereinafter referred to as Dagong International). On-site inspection found that Dagong International has the following problems:

1. Crazy rating upgrade

The Association of Dealers pointed out in a circular that the rate of migration of AA+ subjects rated by Dagong Credit at the beginning of 2017 to AAA within one year was as high as 18%, which was the highest among the five rating agencies paid by issuers in the interbank bond market, including 13% in Shanghai in the new century and less than 7% in other rating agencies.

2. The junk debt of AA+

Since the second half of 17 years, "new light debt" has been questioned by institutional investors because of the liquidity problem of the main body, and has long been regarded as junk debt by the market. The valuation of the yield of Chinese bonds has gone up all the way, even exceeding 100%.

In the context of exceptionally high bond yields, in March 2018, Dagong International upgraded Xinguang's main rating to the AA+, market in an uproar, which was ridiculous!

3. Enterprises have taken a turn for the better and their ratings have been downgraded.

At the same time, Xiwang debt, which was granted credit by 10 billion banks and guaranteed by the Zouping county government, was downgraded to AA by Dagong International in July. It is clear that the operating environment of the enterprise has taken a turn for the better, but it has been downgraded, and the market says that it does not understand!

At that time, it was widely rumored that Dagong International downgraded Xiwang Group's main rating because it hoped that the group was unwilling to spend nearly 10 million in rating fees.

4. black-hearted money is easy to come.

Another important reason for the investigation is that Dagong insiders reported Dagong's credit to the regulatory authorities, linked ratings and sold a completely useless data management consulting system to enterprises.

Many enterprises complain that this system is not only ineffective, the cost is 9.7 million, but also an additional 800000 system service fee every year, the real thing is to buy and sell!

Second, impact analysis: basically equal to the death penalty?

Closed for a year, both markets are closed, which is too difficult for the archduke!

I wonder which client is willing to wait for a year?

When credit and faith collapse, it is too difficult for the archduke to come back a year later. after all, there is no such bond issuer who can not issue bonds for you within a year!

In addition, if the rating agencies themselves are questioned, it is difficult for the companies rated by the rating agencies not to be suspected by the market! In the case of difficult issuance of bonds, the high probability of abandoning the archduke is one of the choices of the main issuers of bonds!

The early far East is the portrayal of the future of the Archduke! difficult!

Shanghai far East Credit Evaluation Company is the oldest rating company in China. It was born in 1988. It was the first credit rating agency in China and once had a full license. But after the Fuxi incident in 2006, the central bank suspended its rating business and its interbank licence has been revoked. Several people in the rating industry all told the 21st century economic reporter that after the business qualifications were restored, it would be difficult for Dagong International to recover. "the major shareholder in the far East is CDB, which cannot be recovered, not to mention private companies. "the media analyzed.

The old driver revealed that some of the archduke's employees had found their own way out and bowed tears for them.

In addition, there are considerate competitors who have begun to take on the customers of Dagong, and there are also competitors who take on the employees of Dagong. What loving and clever colleagues!

Third, those corporate bonds were shot

A bond issuer will basically choose more than one rating agency, but the issuer who serves exclusively by Dagong will inevitably be suspected by the market, and they are faced with the problem of finding new rating agencies. in addition, we also face the question of whether the rating will be adjusted! Anyway, it's all uncertainty!

In fact, the above-mentioned companies are also worried by many bond investors. There is no qualified rating body for this debt. Is it in compliance with the regulations? should it be sold? What shall I do?

According to its company's website, Dagong rating has conducted credit ratings on more than 10,000 enterprises in 30 provinces, municipalities, autonomous regions and more than 70 industries, with a total bond financing quota of more than one trillion yuan.

Dagong rating currently has two major bond markets, inter-bank and securities industry, and all the credit rating qualifications of China's debt instruments recognized by the government departments of four countries.

According to statistics, such 272 companies are involved!

A total of 1781 bonds, the bond balance is as high as 1.92 trillion!

* the bonds in the table below are sample bonds only.

Fourth, step on the mine frequently! Amortize 12 defaulted bonds in three years

Statistics show that of all bond defaults since 2014, there are 12 defaults rated by Dagong rating agencies. Of these, 3 occurred in 2018, 3 in 2017, 5 in 2016 and 1 in 2015.