Standard & Poor's expands local presence in China

By Reshmi Basu

New York, Nov. 9 - Standard & Poor's said it will add more employees to its Beijing office in 2005 through relocations and new hires in order to keep up with China's growing market.

The agency said the local expansion is necessary in order to serve its clients in China.

"China is a critical growth market for Standard & Poor's given the rapid economic progress and the development of the financial and capital markets," said Kathleen A. Corbet, president, in a statement.

Standard & Poor's currently rates 31 Chinese industrial, banking and insurance companies and have ratings on two sovereigns and other governmental agencies.

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