China Chengxin Credit Rating Group(CCXI)

China Chengxin International Credit Rating Co., Ltd. (abbreviated as China Chengxin International, English abbreviation CCXI) is a Chinese credit rating agency. Founded in 1992 and headquartered in Beijing, CCXI is one of the credit rating agencies approved by the China Securities Regulatory Commission (CSRC).

1. In August 1997, China Chengxin Securities Evaluation Co., Ltd. was renamed to China Chengxin International Credit Rating Co., Ltd. It became a Sino-foreign joint venture credit rating agency approved by the People's Bank of China and the Ministry of Commerce of China.
2. In August 2006, Moody's (collectively referring to Moody’s Corporation, Moody’s Investors Service, Inc., and Moody’s Analytics, Inc., known as Moody's in Chinese) acquired a stake in China Chengxin International, making it a member of the Moody's Group.

Organizational structure of China Chengxin International Credit Rating Co., Ltd.:

• Shareholders: China Chengxin Credit Management Co., Ltd. holds 70% of the shares, and Moody's holds 30% of the shares.
• Legal Representative and Chairman: Yan Yan
• Board Members: Yan Yan, Li Xiaodong, Wang Xiaofeng, Li Jianguo, Wang Wei, Liu Chunhua, Li Xiaofeng, Wang Lu, Li Zhiqiang
• Supervisory Board Members: Zhang Jianping, Wang Lei, Zhang Xiaofeng

The rating system and rules of China Chengxin International are established based on its professional credit rating business. Below is a general overview of the rating system and rules, with specific details subject to variation:

1. Rating Scale System: China Chengxin International typically uses a letter grade to represent credit ratings, such as AAA, AA, A, BBB, etc. Different grades indicate the credit quality and default risk level of a bond or issuer.
2. Rating Process and Methodology: China Chengxin International conducts a comprehensive analysis of a bond issuer's financial condition, operating performance, and industry prospects to assess its repayment ability and default risk. The rating process includes information collection, qualitative and quantitative analysis, model building, and validation.
3. Rating Report: China Chengxin International provides a rating report to the rated bond or issuer, which includes explanations of their credit status and rating results. The report usually contains detailed analysis and evaluation for reference by investors and market participants.
4. Monitoring and Updating: China Chengxin International regularly monitors and updates the ratings of bonds or issuers. If there are changes in the financial condition, risk situation, or other important factors of the bond or issuer, a rating adjustment or report update may be conducted.
5. Independence and Fairness of Ratings: Rating decisions are not influenced by conflicts of interest, market impacts, or other inappropriate factors, ensuring the reliability and authority of the rating results.