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About Us

A wholly-owned subsidiary of S&P Global Inc., the first foreign-owned credit rating agency approved to conduct domestic bond rating business. With the deep experience of S&P Global Ratings in the international credit market over the past 100 years, the company has customized the rating system and rating method for the domestic bond market, and has differentiated rating results, which is a powerful aid to investment decisions.

  • About Us
  • Thank you for your support!
  • S&P Global (China) Ratings Documentation
  • Financial Policy Updates
  • Corporate News
  • Registration document disclosure

Powering the Markets of the Future

S&P Ratings (China) Co., Ltd. was established on June 27, 2018, and operates in China as "S&P Global (China) Ratings". As a wholly owned subsidiary of S&P Global Inc., we are proud to be the first wholly foreign owned credit rating agency to provide independent credit ratings in the Chinese domestic market. S&P Global (China) Ratings focuses on serving the domestic bond market through its credit ratings, credit assessments and other credit-related services. The domestic bond market in China is the second largest in the world, and its importance to the global financial system is increasing. We look forward to working with domestic issuers as we establish globally recognized benchmarks for the Chinese market, with our services playing a key role in connecting the domestic bond market with the rest of the world.

Forging close ties with Chinese issuers since 1992, S&P Global Ratings has decades of experience in China's financial sector. Today we provide rating services for domestic issuers with bond issuance overseas, and the establishment of our domestic ratings company is only the latest chapter in our relationship with China.

S&P Global (China) Ratings Co., Ltd. provides rating services for domestic issuers. Through our detailed, transparent and high-quality credit rating services, we can bring issuers and investors one step closer to the bond market.

Our role in China's financial market reinforces our commitment to the development of the domestic capital market. Through sharing our credit expertise and experience, we are driven by the part we play in supporting the rapid development of the domestic bond market.

Dear Sir/Madam,

In these extraordinary times, where the whole world is fighting against the COVID-19 outbreak, S&P Global (China) Ratings is marking its first anniversary. And while these current events deserve the world’s attention, we still want to take a moment to recognize this milestone and thank those people who have supported us along the way.

We would like to take this opportunity to express our sincere gratitude for the support you have given to S&P Global (China) Ratings over the past year. We would also like to take this chance to provide you an update on our achievements over the last 12 months.

Since its launch, S&P Global (China) Ratings has published eight rating reports and more than 20 commentaries. We have actively engaged market participants inside and outside of China to share our insights. We have started an important dialogue with investors and issuers, wherever they are: in person, at our events, or via webinars and teleconferences. In all of those exchanges, we were met with tremendous support and thoughtful feedback. Today, we remain the only fully foreign-owned Credit Rating Agency permitted to serve China’s domestic bond market.

As we look ahead, S&P Global (China) Ratings will remain dedicated to principles of independence and objectivity. We will continue to provide issuers and investors from China and overseas with highly granular, forward-looking ratings, as well as providing independent insights into China’s credit market. We will continue to raise the bar on the level of analysis market participants have access to in China.

We would like to thank you once again for your support for S&P Global (China) Ratings. While the current COVID-19 outbreak poses a great challenge for us all, I have every confidence that we will get through this together. Please visit our website (www.spgchinaratings.cn) and follow our WeChat account (SPGlobalChinaRatings) for our latest research and events. If you have any questions, please feel free to contact us at any time. Stay healthy and stay safe.


Best regards,

Christopher J Heusler

Global Chief Commercial Officer

S&P Global Ratings

S&P Global (China) Ratings Documentation

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Financial Policy Updates

Interim Measures for the Administration of the Credit Rating Industry

On November 26, 2019, the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance and China Securities Regulatory Commission issued the “Interim Measures for the Administration of the Credit Rating Industry” (“the measures "). In response to reporters’ questions on the measures, representatives of the ministries and commissions involved highlighted the positive role played by the credit rating industry in the financial market, such as revealing credit risks, assisting in market pricing, improving market efficiency and improving the overall financing environment. Standardizing the development of the credit rating industry was a major policy measure mentioned in President Xi Jinping’s speech on “optimizing the structure and improving the financial market, financial institutions and financial product system".

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S&P Global (China) Ratings Completes Credit Rating Agency Filing

In accordance with the Interim Measures for the Administration of the Credit Rating Industry jointly issued by the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance and the China Securities Regulatory Commission on November 26, 2019, the People’s Bank of China Operations Office has confirmed the registration of the credit rating business of S&P Global (China) Ratings Co., Ltd. (Unified Social Credit Code: 91110000MA01D5E362, Global legal entity identification code: 300300157VTG5K8JUH79).

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Corporate News

S&P Global (China) Ratings Recognized in its First Insurance Asset Management Association of China Evaluation

S&P Global (China) Ratings participated in the Insurance Asset Management Association of China (IAMAC) credit rating agency evaluation for the first time on July 20, 2020, and was recognized for its performance. IAMAC gave S&P Global (China) Ratings a score of 72.72 in its evaluation results, ranking the company third overall. This was S&P Global (China) Ratings’ first appearance on the association’s evaluation since it first received approval to rate domestic Chinese bonds in January 2019.

Conducted from the perspective of institutional investors in the insurance sector, this evaluation assesses 10 credit ratng agencies that provide professional services such as credit ratings for insurance fund investment. According to IAMAC, this year’s evaluation results comprise of a comprehensive quality score and a final score. The comprehensive quality score is based on a weighted summary of the credit rating agencies’ basic quality, rating quality and regulatory evaluation, reflecting the overall rating ability of the agency over an evaluation period. The final score is based on the comprehensive quality score, with added input from rating experts who evaluate whether or not the rating agency has been involved in a major credit rating incident, compliance violations or any other problems during the evaluation period.

S&P Global (China) Ratings received approval to enter the Chinese inter-bank bond market in January 2019, becoming the first wholly foreign-owned credit rating agency to carry out rating business in China. S&P Global (China) Ratings is committed to establishing a benchmark in China's credit market, providing differentiated and forward-looking credit ratings for issuers and investors at home and abroad, as well as more independent insights and transparent research on China's credit market. To date, S&P Global (China) Ratings has released more than 50 industry research reports.

Appendix: 2020 Final Results of Insurance Asset Management Association of China Credit Rating Agency Evaluation:


Organization Name

Final Score

China Bond Rating Co., Ltd


China Chengxin International Credit Rating Co., LTD


S&P Global (China) Ratings Co., Ltd


Shanghai Brilliance Credit Rating & Investors Service Co., Ltd


China Lianhe Credit Rating Co., Ltd


Far East Credit Rating Co., Ltd


United Credit Ratings Co., Ltd


Golden Credit Rating International Co., Ltd


CSCI Pengyuan Credit Rating Co.,Ltd. 


Dagong Global Credit Rating Co., Ltd.


(Source: IAMAC)

Registration document disclosure

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