Rated ‘E’for Exaggerate

Not long after the embarrassing crash of two, flagship bullet trains in July, China's Ministry of Railways officials could again muster smiles after winning a higher bond rating from a domestic credit firm.

But the upgrade by China Dagong Global Credit Rating Co. Ltd., an established firm that controls about 30 percent of the market for municipal bonds, triggered a broad debate about rating agencies and their recent decisions in China.