Regulator downgrades China's largest securities firm to BBB
CITIC Securities has become the latest of several securities brokerages to have its regulatory rating downgraded by China's securities watchdog CSRC. The country's largest securities firm now holds a BBB rating after being downgraded from AA.

China's top securities watchdog on Friday downgraded the regulatory rating of several major securities brokerages including CITIC Securities Co, a move that will likely restrain the firms from engaging in riskier business.

CITIC Securities, the country's largest securities firm, was downgraded from AA to BBB rating for the first time in eight years, according to the regulator.

At least six other large securities firms including Haitong Securities Co, Guosen Securities Co and Huatai Securities Co have also been downgraded to a BBB rating.