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S&P became the first foreign credit-rating company to offer an independent assessment of risk in China’s vast domestic debt market, giving a top grade to a unit of the country’s largest bank.
Beijing is also eager to foster a more rational market in which investors are more discriminating about credit risk, and recognize they won’t be shielded from defaults. S&P gave a triple-A rating to ICBC Financial Leasing Co., a unit of Industrial & Commercial Bank of China Ltd. , with a stable outlook, it said Thursday. The grade is the highest on the dedicated scale S&P has developed for China, which doesn’t correspond to the same grade on its global system.
https://www.wsj.com/articles/s-p-rating-is-landmark-for-chinese-bond-market-11562835842
