Fitch Ratings assigned an initial long-term issuer rating of A- to CITIC Securities Company Limited and its wholly owned Hong Kong subsidiary CITIC Securities International Company Limited (CSI) on June 10, with a stable outlook. CITIC Securities is also the first Chinese domestic securities firm to obtain such a rating from the credit rating agency.

According to Fitch’s own commentary, the ratings reflect its expectation of an "Extremely High" probability of extraordinary support from CITIC Group, with state support available to the group also flowing through to CITIC Securities, which is China's leading full-service securities firm. 

Founded in October 1995, CITIC Securities is the first A+H share listed securities firm in China, with China CITIC Financial Holdings as its largest shareholder. Its mission is to help enhance capital market’s functions and facilitate high-quality economic development.

Luo Weijie, associate professor in economics at Beijing International Studies University, noted that CITIC Securities has become the first domestic securities firm to cross this threshold with an A- rating, marking a significant accomplishment as China's institutional opening up of the capital market wins recognition from leading international authorities. It also signals that China's top financial institutions have built a credit foundation strong enough to compete head-to-head with Goldman Sachs and Morgan Stanley.

Fay Zhang, senior audit manager at Grant Thornton, said CITIC Securities' new A- rating represents a historic milestone. The achievement highlights the firm's rising global recognition and international influence, and will further diversify its financing channels to drive the development of China's capital market.

By China.org.cn