S&P Rating Is Landmark for Chinese Bond Market

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.

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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