Why China Sought Help With Credit Ratings for Bonds

One reason foreign investors think twice about dabbling in China’s $15 trillion bond market is the quality of domestic credit ratings. The authorities sought to address that concern when S&P Global Inc. became the first foreign ratings firm to operate independently in the country. A year on, the move has proved a milestone but hardly a watershed. Even with Fitch Ratings Inc. also in China now, there’s a long way to go in a market where the vast majority of bonds receive stellar ratings and d