Credit ratings are one of the important measures for bond investors since these ratings are assessments of the creditworthiness of a borrower, such as a corporation, government, or a specific financial instrument like a bond. These ratings are assigned by privately owned credit rating agencies such as S&P Global, Moody’s, Fitch Ratings, or Scope. They indicate the likelihood that the issuer will meet its debt obligations (interest and principal payments) in full and on time. As a result, credit ratings help investors evaluate default risk, guide interest rates, and influence borrowing costs for bond issuers. More generally speaking, ratings range

China’s trust industry could use a little sunlight. The first stock market listing in 20 years is up in the air, after Shandong International Trust missed a regulatory deadline in Hong Kong. This is a pity. The initial public offering would have helped investors and regulators decipher the high-yielding trust products at the core of China’s intricate shadow-banking industry. In October, the state-controlled company filed for a Hong Kong listing, targeting $300 million. The IPO looked set for a smooth ride after China’s securities watchdog gave the deal its blessing in February. But the application has now lapsed, indicating the