Rating agencies in China under pressure amid bond defaults
Domestic agencies tend to rate domestic firms more favourably than their foreign peers, but the difference is particularly striking in China.
China’s newly issued regulations for credit rating agencies are a welcome step to bringing better oversight to the scandal-ridden industry, experts said, but a ratings gap between those by local agencies and foreign players continues to raise eyebrows.
On August 6, five central government bodies including the China Banking and Insurance Regulatory Commission and China Securities Regulatory Commission jointly issued rules that detailed requirements for rating companies’ business op…
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