The National Association of Financial Market Institutional Investors, a self-regulatory organization overseen by China’s central bank, said Chengxin failed to conduct on-site investigations and interviews with Yongcheng’s management personnel. It said the ratings firm didn’t take steps to verify and investigate delays in salary payments and debt-repayment arrangements, and didn’t adequately disclose the company’s credit risks.
Chengxin has been suspended from rating new interbank bond issues for three months, the NAFMII said. It also faulted the credit rater’s internal controls and ordered the company to conduct “comprehensive and profound rectification.”
Do we take action for violations by Credit agencies or Financial institutions.
State owned is the key here. Only the insiders know what actually happened I suppose
Shock horror 😱