For China Chengxin (Asia Pacific) Credit score Scores Firm (CCXAP), 2024 was a stand-out 12 months – and one for which judges praised the agency, specifically, for providing an progressive edge.
It earned this acknowledgement by securing a number of ‘firsts’ as a Chinese language credit standing company. For instance, it was the primary to fee insurance coverage and securities corporations, attaining probably the most exhaustive protection amongst leasing and assure firms. As well as, it was the primary Chinese language credit standing company to fee a Yulan bond – an offshore bond issued by a Chinese language-based entity by way of the Shanghai Clearing Home and settled completely by way of Brussels-based Euroclear Financial institution.
This deal highlights a key space of energy for CCXAP – having the ability to leverage the market positioning and expertise of its dad or mum firm, CCXI, to supply experience in ranking Chinese language enterprises issuing offshore bonds.
CCXAP constructed on this strategic focus final 12 months by introducing differentiated providers for various buyer segments. Its emphasis was on rising protection for native authorities f inancing car (LGFV) purchasers. It additionally ventured into progressive areas within the Hong Kong market, together with asset-backed securitisation (ABS), world stablecoins and bond-type actual world property (RWA), and cash market funds (MMFs).
The general consequence in 2024 was CCXAP rising by 40% year-on-year by way of new issuer protection.
By the top of the 12 months, it had rated 264 issuers, with 117 new issuers added. Because of this, amongst Chinese language-funded credit standing companies, CCXAP secured a 54% market share in variety of purchasers served, rating first in classes.
It’s a dominance which judges famous as underscoring the agency’s experience and aggressive edge on this sector.
Key to this was a milestone transaction on which CCXAP performed a pivotal function: the issuance of the world’s first sustainable Yulan bond by Wuxi Development and Growth Funding Co (Wuxi C&D).
In changing into the primary Chinese language-funded credit standing company to assign a bond ranking to a Yulan bond, CCXAP granted the bond an Ag+ senior unsecured debt ranking, showcasing its experience and authority in credit score evaluation. The ranking offered sturdy credit score assist for Wuxi C&D and considerably lowered its financing prices, setting a record-low rate of interest for offshore RMB bonds issued by an area state-owned enterprise. Finally, CCXAP’s ranking facilitated Wuxi C&D’s entry into the worldwide capital market, increasing its investor base and enhancing its world picture.
This landmark transaction additionally showcased CCXAP’s management in sustainable finance and mirrored its scores know-how and repair capabilities.
One other spotlight of CCXAP’s efficiency in 2024 was its recognitions beneath the Hong Kong Financial Authority’s Eligible Debt Securities Program and the Inexperienced and Sustainable Finance Grant Scheme. In flip, CCXAP turned the primary Chinese language-funded credit standing company to attain these landmarks within the native market.
Additional, the participation of Yan Yan, CCXAP’s chairman, within the annual convention of the Affiliation of Credit score Ranking Businesses in Asia, strengthened the agency’s dedication to driving trade requirements and fostering cross-border collaboration.
“This honor is just not solely a excessive recognition of the skilled capabilities and market affect of CCXAP, but in addition a full affirmation of the group’s dedication to integrity and pursuit of excellence through the years.”
Shao Jinhong, CEO
Contact
Shao Jinhong
E: [email protected]
W: https://www.ccxap.com/en
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