Credit rating agencies collaborate to boost funding for infrastructure in OIC markets, belt & road initiative

February 21, 2023 (MLN): Leading credit rating agencies from China, Hong Kong, Bahrain, and Pakistan have signed an "Agreement of Cooperation" (AoC) to promote credit ratings and capital market research in OIC markets and countries included in the Belt and Road Initiative.

The agreement aims to help potential issuers in these markets raise international funds for infrastructure development and deepening of the Sukuk/bond markets.

The collaborating agencies have also launched the "Country Risk Report Along the Belt and Road, 2022," which is available on their respective websites.

This agreement will enhance collaboration and cooperation among the agencies and provide more opportunities for the development of the credit rating industry in the region.

With the signing of the AoC, the collaborating agencies have also launched the “Country Risk Report Along the Belt and Road, 2022”, which can be accessed on the agencies’ respective websites.

"We are pleased to announce an ‘Agreement of Cooperation’ (AoC) executed between the China Chengxin International Credit Rating Co. Ltd (CCXI), Peoples the Republic of China, China Chengxin (Asia Pacific) Credit Rating Co. Ltd. (CCXAP), Hong Kong China – a wholly owned subsidiary of CCXI, Islamic International Rating Agency (IIRA), Kingdom of Bahrain and VIS Credit Rating Co. Ltd., (VIS), Islamic Republic of Pakistan," read the statement issued today. 

CCXI is a leading provider of credit ratings in the People’s Republic of China and enjoys the highest market share in the domestic rating industry. In addition, the company also leads the market in panda bond ratings for issuers outside China, to facilitate access to Yuan-denominated funds. 

CCXAP is wholly owned by CCXI, being the first Chinese credit rating agency operating in the international market. Based in Hong Kong, it has been licensed with Hong Kong Securities and Futures Commission since June 2012. 

IIRA is dedicated to serving Islamic capital markets and provides ratings to issuers and issues in participation finance. As one of the infrastructure institutions for Islamic Finance, it was founded and is promoted by the Islamic Development Bank, Jeddah. www.iirating.com

VIS is a leading credit rating agency in Pakistan and has been operating since 1997. It is a founder shareholder and promoter of rating agencies in several jurisdictions in Asia

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