Work from home (to avoid inspections after downgrading) – Corriere.it

Work yes, but it better be at smart work. According to what financial times, Moody’s advised its employees in China to work from home after the agency downgraded the country’s rating. Expectations have already been met From stable to negative. This is an assessment that did not satisfy the Chinese government, so much so that it prompted the company to alert its employees. In recent days, Moody’s also lowered its credit rating outlook for Hong Kong from stable to negative, following a similarly negative assessment of China.

Travel is prohibited for analysts

The proposal not to go to the office, according to employee sources quoted by the English newspaper, will be related to this Concern about Beijing’s possible reaction and possible inspections at the company’s headquarters. Hence the call for non-administrative employees in the Beijing and Shanghai offices to stay at home. The Financial Times quoted a Moody’s employee in China as saying: “We are afraid of government inspections.” Working from home may prevent Chinese authorities from questioning employees simultaneously. The employee revealed that Moody’s also advised analysts in Hong Kong to do so Temporarily avoid travel to mainland China before the cut. A Moody’s spokesman said: “Our commitment to maintaining the confidentiality and integrity of the ratings process is paramount, and therefore we cannot comment on any internal discussions relating to specific ratings or issuers.”

former

This move by the US rating agency is a symbol of the critical issues facing many foreign companies operating in China. In 2023, many companies suffered police raids, employee bans and arrests After tensions between China, the United States and its allies. Just think of the case of Mintz Group, the New York-based due diligence firm that saw Chinese authorities raid the group’s Beijing offices in March, or the April interrogations of workers at consulting firm Bain & Company in Shanghai with computers and phones seized. . .