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Moody's declines comment on report about dropping plan for Chinese rating agency

U.S. rating agency Moody's Corp. declined to comment on a media report that it may have to drop a plan to seek control of China Chengxin International Credit Rating Co. Ltd., the largest corporate ratings company in China.

Moody's plan to increase its stake in China Chengxin to over 50% from 30% failed to get regulatory approval, Bloomberg News reported Oct. 17, citing unnamed sources. The report added that trade tensions between Washington and Beijing have also been an obstacle.

China Chengxin was not immediately available for comment.

In January, S&P Global Inc. received regulatory approval from China to begin rating debt there, making it the first U.S. credit ratings company to have a presence in the country's US$10 trillion bond market after Beijing promised to open up the credit rating industry to foreign ownership in March 2018.

S&P Global Market Intelligence is owned by S&P Global Inc.