We are very excited about the opportunity to work with our colleagues at CCXI to fulfill our long-term commitment to support the growth and development of China's domestic cap- ital markets. The joint venture will benefit from CCXI's local market knowledge and Moody's rating agency management skill and technical know-how. Together, we intend to enhance CCXI's credit rating operations and to increase market acceptance of credit ratings. 　　

　　我们很高兴有机会与中诚信国际的同事们合作，以达到我们对支持中国本地资本市场的 发展所作的长期承诺。我们的合资公司将得益于中诚信国际的本土经验以及穆迪的评级机构 的管理技能和专有技术。通过我们的一起努力，以进一步提升中诚信国际的信用评级业务并 增强市场对信用评级的接受程度。

　　中国诚信与穆迪的合资开创了中国资本市场和中国评级业新的一页，中诚信国际将注入
新的活力，有能力为开放的中国金融业和不断发展的资本市场提供更优质的服务。十四年前
中国诚信诞生并开创了中国现代评级业。当时，我们所学习的正是穆迪的理念和技术。今
天，中国本土和国际最重要的两大评级机构的合资，将为中国企业的融资和国际化提供直接
的帮助，实践将验证我们的合资是适时且正确的。

The establishment of the joint venture of CCX with Moody's has turned a new page of Chinese capital market and credit rating industry. CCXI will be vitalized and be expectedto provide service of higher quality for the opening financial industry and constantly dev-eloping capital market in China. The foundation of CCX fourteen years ago created themodern credit rating industry in China. The rating methodology and technology thenwas learnt from Moody's. Today, the co-operation between the biggest local rating age-ncy and the most respectable international rating agency will provide direct help for fina-ncing andinternationalization of Chinese corporations, and our co-operation will be pro-ved to be timely and right by practice.