Jul. 11 2019 — S&P Global (China) Ratings, a company wholly owned by S&P Global (NYSE: SPGI) that produces ratings in the domestic Chinese bond market, has today issued the very first rating of a domestic China entity by a local Credit Rating Agency (CRA) that is wholly owned by an international investor.
The first rating action taken was on ICBC Financial Leasing Co., Ltd., a leading Chinese financial leasing company, which was assigned a rating of ‘AAA’ on the S&P Global (China) Ratings’ China scale. To date, S&P Global (China) Ratings (Chinese name: 标普信评) is the first and only CRA permitted to operate in China while being fully foreign-owned.
“Today’s rating in China marks a significant milestone in S&P Global’s 150-year history,” said Douglas L. Peterson, S&P Global President and Chief Executive Officer. “We are strongly committed to enhancing our presence in China across our company, and the successful issuance of our first rating in China’s local bond market is a critical part of that progression.”
“In the period since receiving approval to rate domestic bonds in China, we have been energized by the level of interest from issuers, investors, our employees, and the market at large,” said John Berisford, President, S&P Global Ratings. “S&P Global (China) Ratings will bring a fresh perspective to a market of significant domestic and global interest, built on our longstanding principles of objectivity and transparency. In doing so, we will make a meaningful contribution to the considered goals China has for the evolution of its financial markets and to the connectivity of the global financial system.”