Domestic rating downgrades of corporate bonds in China have more than tripled this year, underlining Beijing’s efforts to reduce risk in the country’s $17tn credit market in the wake of several high-profile defaults.
International rating agencies and fund managers have long criticised China’s artificially high corporate credit ratings and low default rates, pointing to a lack of transparency and the assumption the government will bail out struggling companies.
But 366 bonds were downgraded in the first four months of 2021, compared with 109 in the same period a year ago, according to data from information provider Wind.
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