S&P Rates Domestic China Debt in Milestone Bond Market Move
- Company becomes first foreign agency to rate local debt
- Awards top score to a unit of the country’s largest bank
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S&P Global Ratings is the first foreign credit-rating company to rate domestic Chinese bonds after awarding its top score to a unit of the country’s largest bank.
S&P assigned a AAA rating on July 11 to ICBC Financial Leasing Co., a unit of Industrial & Commercial Bank of China Ltd. That is the highest grade on the ratings scale S&P established for China. It doesn’t correspond to the same rating on its global scale.