China has suspended one of its top credit rating agencies after a former executive was accused of taking “massive” bribes, as a growing pile of defaults rattle the country’s $4tn corporate debt market.
The China Securities Regulatory Commission announced on Tuesday that it was temporarily freezing the licence of Golden Credit Rating and had forbidden the agency from taking on new business for three months.
The move came as Shandong Ruyi, China’s largest textile manufacturer, looked set to default on a second bond in as many days.
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