Forced fabulous creature around ring at credit centre (9)

I believe the answer is:

dragooned

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'forced fabulous creature' is the definition.
'dragooned' can be an answer for 'forced' (dragoon can mean to coerce someone into something). I'm unsure of the 'fabulous creature' bit.

'ring at credit centre' is the wordplay.
'ring' becomes 'drago' (I can't explain this - if you can you should believe this answer much more).
'at' becomes 'on' (location).
'centre' means to look at the middle letters.
The central letters of 'credit' are 'ed'.
'drago'+'on'+'ed'='DRAGOONED'

'around' is the link.

Can you help me to learn more?

(Other definitions for dragooned that I've seen before include "Intimidated" , "Bullied" , "Compelled by coercion" .)

I've seen this clue in the Sydney Morning Herald.

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