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Offshore investors in Chinese bonds have steered clear of corporate debt due to concerns over the reliability of domestic rating agencies. With the entry of US credit-rating agencies, however, that may change.
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Foreigners widely distrust local rating agencies, which they see as handing out high ratings too generously. More than half of rated corporate bonds outstanding at the end of 2016 were rated AAA, according to Wind Info, a Shanghai-based financial data provider.
https://www.ft.com/content/9361f76c-3c5e-11e7-821a-6027b8a20f23
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