08.18.2011 15:05

Rated ‘E’for Exaggerate

Credit ratings have been improving for issuers of government bonds, raising questions about rating agency credibility
By staff reporter Zhang Yuzhe and intern reporter Yang Na
 

Not long after the embarrassing crash of two, flagship bullet trains in July, China's Ministry of Railways officials could again muster smiles after winning a higher bond rating from a domestic credit firm.

But the upgrade by China Dagong Global Credit Rating Co. Ltd., an established firm that controls about 30 percent of the market for municipal bonds, triggered a broad debate about rating agencies and their recent decisions in China.

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Twenty months into a campaign against corrupt leaders, the crackdown is accelerating and the public is in the loop
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