The Beijing-based unit of S&P Global on Thursday became the first international ...
SHANGHAI - The Beijing-based unit of S&P Global on Thursday became the first international credit rating agency to rate a domestic issuer in China, a long-awaited step in the development of the country’s $13 trillion bond market.
Chinese bond investors hope that ratings by international agencies will help to shake up domestic counterparts which assign relatively safe AA ratings to the vast majority of issuers, and have come under regulatory fire for operational violations. S&P said a mismatch in the durations of ICBC Financial Leasing’s assets and debt presented some liquidity risk, but diverse funding sources and liquidity support from parent Industrial and Commercial Bank of China made the risks “manageable”.
The company also has a AAA long-term issuer credit rating from domestic agency China Lianhe Credit Rating Co.
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