Chinese authorities have told S&P’s China subsidiary to “rectify” its operations, the latest step in an industry-wide crackdown triggered by concern over inconsistencies in rating agencies’ approach to gauging risk.
The Beijing Bureau of the China Securities Regulatory Commission on Tuesday sent a letter to the agency, noting its “failure to adhere to the principle of consistency” in its rating business and “failing to disclose information”.
Regulators have issued warnings and imposed fines on other rating agencies in recent months, repeatedly citing issues with consistency and low fees amid a proliferation of Triple A ratings and concerns that companies are “shopping” for better assessments.
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