S&P Ratings (China), New York-listed S&P Global Inc.’s wholly owned subsidiary on the Chinese mainland, announced Thursday it has registered with the country’s securities watchdog to carry out credit ratings business in China’s exchange-traded bond market, making it the first wholly foreign-owned credit ratings agency to do so, reported Caixin.
Set up in June 2018, S&P Ratings (China), won approval from China’s central bank to rate bonds in the larger interbank market in January 2019, making it the first wholly foreign-owned credit ratings agency in the domestic bond market. The agency issued its first rating on an onshore bond in July 2019, said Caixin.
Hongshan Chen, president and CEO of S&P Ratings (China), said in a statement that the CSRC filing “enhances our ability to deliver transparent, globally understood credit ratings and research to the world’s second-largest bond market” and that it marks an important milestone in the agency’s expansion in China.