| By virtue of the excellent reputation, the credit rating agency has long been an important supplier of market information. Meanwhile, the rating report from the credit rating agency is also an important index adopted by the government regulatory department to evaluate the quality of financial capital. However, it should be also noted that the credit rating agency has failed to live up to the expectation during the subprime mortgage crisis. Hence, it has urged the regulatory agency and relevant experts to reflect on how to conduct the effective regulation. One of major issues is the legal liability facing the credit rating agency. In China, the legal liability of credit rating agency has also drawn much attention. In China, the amount of the bond and its issuer are increasing in size at the present stage. Given the compulsory requirement for the credit rating of the bond, the credit rating service has played an even more important role in providing the information. Compared with foreign countries, especially those international credit rating agencies, their counterpart in China should still improve their technology and technology. In the face of the growing demand for the bond, there has arisen a question as to the conflict between the issuer and the credit rating agency. The relevant research in China has only touched on the liability of credit rating agency and lacked in the feature and assumption of the liability.This paper has aimed to analyze the feature, verification and assumption of the liability facing the credit rating agency. Based on the actual condition of the credit rating industry in China, this paper has referred to the litigation regarding the management system adopted by the credit rating agency in USA and UK. In order to balance the interest between shareholders and provide the theoretical basis and legal rules to resolve the legal conflict, this paper has also established the well-developed theory and legal framework for credit rating agency. |
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