S&P to set HQ in Shanghai

MCGRAW-HILL Co seeks to at least maintain its growth momentum on China's mainland and plans to establish a China headquarters for its rating agency in Shanghai, company executives said yesterday in the city.

The parent company of rating firm Standard & Poor's said it is planning to set up a S&P China headquarters in the city which continues to make tracks toward its ambition of a global financial center.

"Shanghai is establishing itself as a global center for capital and commerce," said Harold McGraw III, chairman, president and chief executive officer of the New-York listed company. "We are excited about the new opportunities Standard & Poor's will have."

The Shanghai headquarters will be built into an analytical hub for S&P's credit rating business in China, including the Chinese mainland, Hong Kong and Taiwan.

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