Dagong Europe assigns AA- rating to Euler Hermes subsidiaries

Dagong Europe Credit Rating assigned AA- long term credit rating to Euler Hermes (EH)'s core subsidiaries, the Milan-based agency said in a statement on Monday.

The long term credit rating assigned to Euler Hermes France, Euler Hermes Germany and Euler Hermes Europe reflected the "very strong and resilient financial profile" of the group, the statement said.

"EH is strategically important and a highly integrated member of Allianz Group, providing diversification, high returns and growth opportunities," it said. The outlook was indicated as stable.

EH, present in more than 50 countries and with a focus in Europe, is a niche insurance company specialized in credit insurance, which accounted for 88 percent of its 2012 turnover.

Dagong Europe was established in 2012 as the European branch of Dagong Global Credit Rating Co., Ltd., a rating agency based in China.

Dagong Europe was the first Asian rating company operating in the European Union as the result of a Sino-Italian joint venture between Dagong Global Credit Rating and Mandarin Capital Partners, a private equity fund by institutional investors from Europe and China.