S&P Global’s China unit has issued the first rating of a domestic Chinese issuer by a fully foreign-owned business, publishing a credit rating of triple A for a subsidiary of the country's biggest bank — the highest possible grade on its new scale for onshore issuers of renminbi-denominated debt.
The rating from Beijing-based S&P Global (China) Ratings of the aviation, shipping and equipment leasing unit of ICBC represents a new challenge for Chinese rating agencies.
It also comes as government-linked bonds are being woven into benchmarks tracked by global investors, potentially triggering trillions of dollars of inflows.
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