Belt & Road


On 17th of December 2018 in Beijing a cooperation memorandum was signed by four credit rating agencies representing the Silk Road countries: largest Chinese rating agency China Chengxin International Credit Rating Co., Ltd. (CCXI), Rating-Agentur Expert RA GmbH (RAEX-Europe), Pakistan rating agency JCR-VIS Credit Rating Co. Ltd. and the Bahraini Islamic International Rating Agency (IIRA).

Info on the CRAs:

China Chengxin International Credit Rating Co., Ltd. ("CCXI") was founded in 1992. Due to the significant amount of business activities and the best quality services, CCXI is highly regarded among credit rating agencies in the domestic bond market. Since 1992, CCXI has maintained its leading position in the credit rating industry, ranking first in terms of total market share for each type of service. The agency has a subsidiary rating agency in Hong Kong.


VIS Group is operating since 1994. Currently, VIS has expanded as a group of companies providing various types of information services, and has become the main independent information source in the region. Being exceptionally successful in Pakistan, the Group has now entered into agreements to establish joint ventures in various regional markets, including Bangladesh, Bahrain and Iran. Together with its affiliates and joint ventures, the group covers more than 20 countries, from Africa to East Asia.


The Islamic International Rating Agency (IIRA) is the only rating agency established to provide capital markets and banking sector in predominantly Islamic countries with rating services covering the entire spectrum of capital instruments and specialized Islamic financial products, as well as to increase the level of analytical expertise in these markets.