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Report: Moody's pursuing majority stake in largest rating agency in China

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

Moody's reached a "framework agreement" to boost its stake in China Chengxin from 30% to more than 50%, according to a March 11 Bloomberg report citing unnamed sources.

The two companies have sought feedback on the agreement from China's central bank, the People's Bank of China, Bloomberg reported, again citing the unnamed sources.

China Chengxin did not immediately provide a comment on the report.

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 has "first mover" advantage in the market, President and CEO Douglas Peterson said during a Feb. 7 earnings call.