Fitch Ratings announced on Thursday the launch of Fitch (China) Bohua Credit Ratings Ltd (Fitch Bohua) to serve China's onshore bond market, and has appointed Danny Chen as Fitch Bohua's CEO.

Set up in July 2018 in Beijing, Fitch Bohua is a 100 percent subsidiary of Fitch Ratings. The company will cover the financial institutions sector (including banks, non-bank financial institutions and insurers) as well as the structured finance sector in its initial phase of operations.

"I'm delighted to be part of the team and excited to help develop and internationalize China's domestic capital market. While Fitch Bohua is independent and separate from Fitch Ratings, we will adopt the same high standards in credit ratings methodology, criteria, and processes in line with the parent company's and international best practice," said Chen.

Chen's previous positions included roles as CEO of Qingdao Conson Financial Holdings Co Ltd, the first State-owned financial holding company in Qingdao. He was also chief credit officer and chief rating officer at China Lianhe Credit Rating Co Ltd.

"Under Chen's leadership and with the investments we have made, we are confident Fitch Bohua will become a successful company highly respected by market participants," said Kwong Li, head of Asia-Pacific Business Operations of Fitch Ratings.

"Fitch was the first international rating agency to set up an office in the country in Beijing in 1997, and we are among the first to position ourselves for the onshore rating business - having divested our Chinese joint venture earlier this year," added Li.

A team of analysts, business development and support staff are already in place at Fitch Bohua and the company expects to fill other positions soon.