China allowed S & P Global Ratings to access the domestic market

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The Chinese authorities have allowed an international rating agency to access their domestic market. S & P Global Ratings creates a subsidiary of S & P Credit Rating (China) Co. in China, the People’s Bank of China said. The National Association of Financial Market Institutional Investors (NAFMII) will conduct registration in the securities market to cover the domestic bond market in China. The People’s Bank of China believes that access by credit agencies will increase the openness of the Chinese market and attract investment. Chinese authorities mention their readiness to support the activities of other rating agencies in the country. Fitch appeared the first among organizations of this kind in the Chinese market in October 2018. Then Moody’s showed interest in the Chinese market. Companies have requested permission for their activities from the authorities of the country. Fitch and S & P Global Ratings have announced their desire to enter the Chinese market in May 2018. Most of the Chinese companies have ratings from “AA”, which means high reliability for agencies.

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