Fitch Ratings has expanded its Asia-Pacific operations with the official opening today of offices for Fitch (China) Bohua Credit Ratings Ltd. Established in Beijing, the domestic rating agency plans to service China's onshore bond market, complementing Fitch Ratings' international ratings business.
Fitch Bohua is wholly owned by Fitch Ratings, part of Fitch Group. As a separate and independent company, Fitch Bohua will provide forward-looking ratings, in-depth research, valuable data tools and insightful commentary for investors and other market participants. The company is seeking regulatory approval to cover the financial institutions sector (including banks, nonbank financial institutions and insurers) as well as structured finance, in its initial phase of operations.
"This office opening marks a major milestone for Fitch Ratings. It demonstrates our commitment and strong track record in China," said Paul Taylor, CEO of Fitch Group. "Fitch Bohua intends to create a competitive advantage and long-term growth through the independence and credibility of its analysis, ratings and research. It aims to become a leading rating agency in China's onshore bond market, which is one of the fastest-growing in the world," added Mr Taylor.
Asia is a core growth market for Fitch Ratings, which has embarked on a major strategic investment plan in the region. The launch of Fitch Bohua demonstrates Fitch Group's commitment to supporting the development of Asia's capital markets.
"Anchored by its long presence and growth in China, Fitch Ratings is adding personnel throughout the region, including analysts, business development, investor development, marketing, compliance and infrastructure in a number of countries. In addition, Fitch Group is continuing to expand its Fitch Solutions and Fitch Learning activities throughout the region," said Bernard De Lattre, chairman for Asia Pacific, Fitch Group.