Bond credit rating assesses the creditworthiness of debt securities issued by enterprises or economic entities. Most bond credit ratings pertain to corporate bonds, evaluating the reliability of a specific bond issued by an independent legal entity in repaying principal and interest on schedule, while indicating its creditworthiness level. Such ratings provide informational services for investors purchasing bonds and for secondary market trading activities. Treasury bonds issued by the national treasury and financial bonds issued by state-owned banks are exempt from credit rating due to government guarantees. However, securities issued by local governments or non-state financial institutions generally require credit assessment.

  Credit rating agencies conducting credit ratings for publicly issued corporate bonds shall comply with the following regulations or requirements:

• Disclose rating information to the issuer and promptly release initial rating reports, periodic tracking rating reports, and ad-hoc tracking rating reports to the market;
• For corporate bonds with a maturity exceeding one year, release a periodic tracking rating report to the market at least annually throughout the bond’s valid existence;
• Diligently monitor all significant factors potentially affecting the credit rating of the rated entity, promptly announce credit rating adjustments and other rating-related changes to the market, and report such changes to the securities exchanges.

  To facilitate related research, CnOpenData introduces China Corporate Bond Issuance Rating Announcement Data, covering both the Shanghai Stock Exchange and Shenzhen Stock Exchange. It includes fields such as Announcement Date (公告日期), Announcement Title (公告标题), and Bond Abbreviation (债券简称).

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Time Coverage

• Shanghai Stock Exchange Corporate Bond Issuance Credit Rating Announcements: 2009/6/3–2025/9/29
• Shenzhen Stock Exchange Corporate Bond Issuance Credit Rating Announcements: 2009/3/24–2025/9/24

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Field Display

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Sample Data

上交所公司债券发行信用评级公告表

深交所公司债券发行信用评级公告表

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Relevant Literature

• Pan, Yilin, Shuyi Zhang, and Kai Zhu. 2023. "Still Writing Truthfully: The Value Relevance of Textual Information in Chinese Bond Rating Reports." Nankai Business Review 4.
• Qian, Xiqian, Yiwen Zhong, and Zonglai Kou. 2023. "Credit Ratings, Guarantees, and Bond Issuance Costs—A Theoretical Analysis Based on China’s Private Placement Bond Experience." Economic Research Journal 11.
• Lian, Lishuai, and Song Zhu. 2023. "The Abolition of Mandatory Credit Ratings, Rating Agency Reputation, and Credit Rating Quality—An Empirical Study of China’s Bond Market." Journal of Financial Research 10.

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Data Update Frequency

Annual Updates