S&P nears China approval as ratings race quickens

Fitch was the first international rating agency to set up an office in the country in Beijing in 1997, noted Kwong Li, head of Asia-Pacific business operations of Fitch Ratings, in the announcement. “The plan is to hire 15 analytical staff by the end of the year — including a head of ratings, seven financial institutions analysts and seven structured finance analysts,” a spokesperson told GlobalRMB in a written response to questions. The spokesperson explained that the decision not to pursue a corporate rating licence was a bet to focus on the fast growth of other market segments, such as structured finance.