The People’s Bank of China (PBOC) issued a warning to S&P, together with a RMB 2.12 million ($297,000) fine for alleged violations including “failure to carry out credit rating business in accordance with the legitimate procedures and rules” and “failure to send reports to the credit rating authority or its dispatching agencies,” according to a notice on the PBOC website, reports the South China Morning Post.
A former S&P China executive, surnamed Eastham and who was in charge of its rating analysis in China, was also fined RMB 30,000, the notice said.
“S&P Global (China) Ratings has received the notice from the People’s Bank of China,” the agency said in an emailed response. “We take this matter very seriously and have taken necessary actions to address the issues identified.”