Fitch Gets Access to China
What’s new: Fitch Ratings Inc. will be able to independently do business in China as one of its subsidiaries has received approval (link in Chinese) to rate certain kind of bonds on the country’s interbank market, according to China’s central bank.
Fitch (China) Bohua Credit Ratings Ltd. will be allowed to rate financial institutions participating in China’s interbank market, as well as their securities and structured finance bonds, according to a Thursday statement (link in Chinese) by the National Association of Financial Market Institutional Investors, a self-regulatory body for interbank market players.
What’s the background: Fitch Ratings became the second foreign credit rating agency to gain independent access to the domestic market after S&P Global Ratings Inc. won approval in January 2019. The last of the three big ratings agencies, Moody’s Corp., has not applied to enter China’s interbank market, Caixin has learned. It had aimed to gain access by taking control of a Chinese rating agency, but failed.
Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.
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