Six Rating Firms Fined a Total of $4.8 Million for Malpractice

What’s new: Six rating companies, including the China unit of S&P Global, were fined a total of 34.5 million yuan ($4.8 million) by China’s central bank for various business violations.

The companies, including China Chengxin Credit Rating Group, Shanghai Brilliance Credit Rating & Investors Service Co. Ltd., CSCI Pengyuan Credit Rating Co. Ltd., China Lianhe Credit Rating Co. Ltd. and Far East Credit Rating Co. Ltd., were accused of flaws in rating business procedures, violating independence requirements and breaching consistency principles among others. Several company executives were also punished.