S&P Rating Is Landmark for Chinese Bond Market

📆 11/07/2019 14:15:00
📰 WSJ

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S&P becomes the first foreign rating agency to issue an independent assessment of risk in China’s $13.3 trillion domestic debt market, where the major rating companies have long coveted a bigger presence

SHANGHAI—S&P Global Inc. became the first foreign credit-rating company to offer an independent assessment of risk in China’s vast domestic debt market, giving a top grade to a unit of the country’s largest bank.

The move is a milestone for the $13.3 trillion onshore bond market, where foreign investment is increasing and the world’s three major rating companies—S&P, Moody’s Investors Service and Fitch Ratings—have long coveted a bigger presence.

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Now one has to be cautious about these rating agencies and their credibility. Remember, they are the one stamped AAA on Mortgage-backed Securities that wiped out $13 trillion from markets & caused 2008 financial meltdown! Then went Scot Free under Obama. Now China ratings?

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