News & Events
December 29th, 2023: We are pleased to announce that CCXI & CCXAP have gained approval from the Securities and Exchange Commission of Pakistan (SECP) as Internationally Recognized Credit Rating Agencies. China Chengxin International Credit Rating Co. Ltd (CCXI) along with China Chengxin (Asia Pacific) Credit Rating Co. Ltd. (CCXAP) - a wholly owned subsidiary, has been successively applying to the SECP to become an internationally recognized credit rating agency during the year. This move is in line with the strategic layout of the China Chengxin Credit Rating Group (CCX Group) and is critical in its business framework along the "Belt and Road Initiative" (BRI). Therefore, cooperation and exchanges in the fields of investment and financing between China and Pakistan as well as Islamic regions could be further promoted.
CCXI & CCXAP have gained SECP’s recognition as an international rating agency
In February 2023, a new round of technical cooperation agreements was signed among CCXI, CCXAP, VIS Group and the Islamic International Rating Agency (IIRA). CCX’s gaining approval from Pakistan as an internationally recognized credit rating agency could be a cornerstone for future cooperation in areas such as cross-border bond market rating, sovereign rating, green and ESG assessment of countries along the BRI. In December 2023, CCX Green Finance International Limited (CCXGFI) and VIS Group has signed a strategic cooperation agreement, jointly providing green bond evaluation, certification, and rating services for an energy efficiency project of a steel enterprise in Pakistan. After successful issuance, the project will become the first green sukuk in Pakistan, which will bring a good demonstration effect to the Pakistani capital market, especially the Islamic bond market. In the future, CCXI will join hands with rating agencies along the BRI to promote credit rating cooperation among member countries of the Organization of the Islamic Conference (OIC) as well as countries participating in the BRI, and jointly promote high-quality issuers in Pakistan, the Middle East and the Islamic world to issue cross-border RMB or Islamic bonds in China's bond market. Meanwhile, CCXI set out to explore localized and diversified financing solutions for Chinese enterprises engaging in the China-Pakistan Economic Corridor (CPEC), help potential issuers in relevant markets to raise global funds, and promote infrastructure investment and financing along the BRI. Cross-border RMB and Islamic bond markets would be progressing in such process, as well as RMB internationalization.
From 2017 to 2018, CCXI successively established strategic cooperative relations with VIS Group and IIRA. Since then, exchanges and cooperation have been continuously going on in fields such as rating techniques and methods, joint credit rating, etc., with fruits including the joint launch of Country Risk Report along the "Belt and Road Initiative" and the innovative ISG-ES evaluation method - the first investment value evaluation product developed by credit rating agencies along BRI, which has served a number of large Pakistani enterprises so far and help boost investment and financing activities related to the CPEC.
In 2015, CCXI launched the Sovereign Credit Risk Report of Countries along the "Belt and Road Initiative" in China, with an aim to reveal the sovereign credit risks of countries along the route to investors and enterprises that are going abroad. Since 2017, CCXI together with the rating agencies along BRI has launched the Country Risk Report along "Belt and Road Initiative" for six consecutive years. This series report covers 60 BRI countries and set out to bring professional views on the risk trends and development opportunities of countries along the BRI route.