Moody's moves into China

Moody's agrees to buy a 49% stake China's first credit-rating company.
Moody's Corporation said on Thursday April 13 it agreed to acquire 49% of China Cheng Xin International Credit Rating Co Ltd.

The parent company of one of the big three credit ratings agencies declined to release terms and conditions. But it did say that Moody's will have the ability to increase its ownership over time as permitted by Chinese authorities. The financial impact to Moody's Corporation is not material.

China Cheng Xin Interational, established in 1992, was the first nationwide domestic credit rating agency created with the approval of the People's Bank of China. Headquartered in Beijing, with a staff of over 40 professionals, the agency specialises in providing rating opinions on corporate bonds, convertible...
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