S&P resists mapping new China onshore ratings to global scale

Uncertainty over state support and accounting prompts agency to keep Chinese ratings separate

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Standard & Poor’s, which today (July 11) became the first international credit rating agency to rate a domestic Chinese bond issuer, will not provide direct mapping between local scores and its global scale in a move that could limit the usefulness of the ratings for fund managers.

S&P’s decision to follow a national ratings scale for China without giving parallels to its main ratings may be due to the expectation of government guarantees making it hard to model domestic debt, and a lack of

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