Huaxia Rating Headquarters is the headquarters of rating agencies, responsible for formulating rating standards and policies, managing and supervising the implementation of rating business, and communicating and cooperating with regulators and market participants. The headquarters has higher decision-making power and management level, and guides and supervises the branches. Huaxia Rating Branch is a local branch under the headquarters, which is responsible for specific rating work, including evaluating and rating customers' credit risks and preparing rating reports. The work of the branch is carried out under the guidance of the headquarters, responsible for implementing the rating standards and policies of the headquarters, and reporting to the headquarters. There are hierarchical differences in the hierarchical relationship and information flow between headquarters and branches. The headquarters is responsible for overall planning and decision-making, and the branches are responsible for specific implementation and operation.