Economics, Econometrics and Finance
3 years ago

Credit ratings in China fuel bond defaults, risking market stability.

Open Journal of Business and Management
Are Bond Defaults with the Connivance of Credit Rating: An Analysis of China’s Bond Market
Xudong Zhuang, Yu Wu

Paper Summary

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Credit ratings in China's bond market are influenced by conflicts of interest, leading to increased bond defaults. Factors like business models, ancillary business, and competition impact the quality of ratings, resulting in defaults. This study suggests ways to improve credit ratings to prevent default issues and promote a healthier bond market.