China Pushes Rating Firms to Review AAA Glut in Bond Market

China Pushes Rating Firms to Review AAA Glut in Bond Market China urged domestic rating firms to curb the concentration of top-tier AAA ratings in the country’s bond market, taking its most concrete step yet to better assess credit risks after years of record defaults. The People’s Bank of China is leading the effort and has asked rating companies to review issuers under their coverage and assess whether some no longer meet updated standards for a AAA rating, according to people familiar with the matter, who asked not to be identified because the discussions are private.