Local bond issuance in pilot to be rated
Print Edition
CREDIT ratings will be introduced to bond issuance by local governments under a pilot scheme in a move to enhance the prevention of risks, according to the Ministry of Finance.
The ratings will be in nine levels — AAA, AA, A, BBB, BB, B, CCC, CC and C. The AAA rating indicates an extremely low default risk, with the C rating suggesting an inability to repay debts, according to a document released by the ministry yesterday.
The ratings were introduced after four more local governments — Beijing, Jiangxi, Ningxia and Qingdao — were allowed to issue bonds directly last month. A total of 10 local governments are authorized for independent bond issuance and repayment. Bond issues by local governments were initiated in October 2011.
Local governments are required to publicize credit ratings for their bonds, local economic development, fiscal income and expenditures as well as liabilities, the ministry said.
This information must be made public at least five working days prior to the issuance of new bonds, according to the ministry.
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