S&P Global (China) Ratings--Panda Bond Methodology
This methodology represents S&P Global (China) Ratings’ approach to considering the analysis of Panda bonds. This methodology may apply to ratings where an offshore issuer is issuing renminbi-denominated securities into the Chinese domestic market. Issuers may include offshore entities associated with a group predominantly domiciled in China, and may also be applicable for wholly foreign domiciled entities issuing into China.