This database systematically integrates credit rating-related announcements and their original texts released by six major information disclosure platforms in China's bond market—Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), China Money Network (中国货币网), China Bond Information Network (中国债券信息网), National Association of Financial Market Institutional Investors (NAFMII, 银行间市场交易商协会网), and Shanghai Clearing House (上海清算所). The database comprehensively covers various credit bond categories, including corporate bonds, financial bonds, and non-financial corporate debt financing instruments. Core content comprises structured announcement tables and their corresponding original PDF files, establishing a long-term, authoritative, and traceable benchmark database for credit rating information. This foundation supports in-depth analysis of information disclosure mechanisms and risk pricing logic in China's credit bond market.
Key Features:
- Comprehensive Market Coverage and Source Integration: Uniquely integrates core announcement sources from both the interbank and exchange bond markets.
- Complementarity of Structured Information and Original Texts: Provides dual data formats—"structured key-field tables" and "original announcement PDFs." Structured tables facilitate large-scale quantitative analysis, while original PDFs ensure information auditability and support deeper text analysis (e.g., semantic mining of rating rationale), balancing research efficiency and data depth.
- Full-Cycle Tracking of Credit Events: Includes not only initial rating announcements but also complete sequences of critical events such as periodic tracking ratings, watchlist placements, rating upgrades/downgrades, and default announcements. This enables longitudinal tracking of credit quality evolution for individual issuers, providing essential data for dynamic credit risk modeling.
- Authoritative Sources and Standardized Collection: All data are sourced from regulatory-mandated disclosure platforms, ensuring official authenticity and standardized collection processes. This "from the market, for the market" characteristic significantly enhances the credibility and practical relevance of research findings based on this dataset.
Potential Applications:
- Academic Research: Empirically test the information content of credit ratings, market reactions to rating adjustments, rating agencies' independence and accuracy, and the integration of ESG factors into rating considerations.
- Commercial Services: Provide granular risk monitoring, stress testing, and early-warning support for credit bond portfolios of financial institutions (banks, funds, insurers), aiding investment decisions and performance attribution.
- Policy Optimization: Enable regulators to macroscopically assess the overall quality of the rating industry, rating migration patterns, and the impact of major reform policies (e.g., Bond Connect, registration-based IPO systems) on disclosure efficiency and rating behaviors.
Time Coverage
SSE Corporate Bond Credit Rating Announcements: 2017.6.29–2025.9.29
SZSE Corporate Bond Credit Rating Announcements: 2009.3.24–2025.9.24
NAFMII Bond Credit Rating Announcements: 2017.10.18–2025.09.29
Shanghai Clearing House Bond Credit Rating Announcements: 2017.1.4–2025.10.21
China Money Network—Bond Rating Reports (债项评级报告): 2005.9.14–2025.10.15
China Money Network—Issuer Rating Reports (主体评级报告): 2006.4.1–2025.11.4
China Money Network—Special Focus Reports (重点关注报告): 2007.4.23–2025.11.6
China Money Network—Latest Bond Rating Tables (最新债券评级表): 1998–2025.11
Field Specifications
China Money Network Bond Credit Rating Announcements—Field Table
Sample Data
SSE Corporate Bond Credit Rating Announcement Table
SZSE Corporate Bond Credit Rating Announcement Table
NAFMII Bond Credit Rating Announcement Table
Shanghai Clearing House Bond Credit Rating Announcement Table
China Money Network—Latest Bond Credit Ratings
China Money Network—Bond Rating Reports
China Money Network—Issuer Rating Reports
China Money Network—Special Focus Reports
China Bond Information Network Bond Credit Rating Announcements
Related Literature
- Pan, Y., Zhang, S., & Zhu, K. (2023). "Still Writing Truthfully? The Value Relevance of Textual Information in China Bond Rating Reports." Nankai Business Review, 4.
- Qian, Q., Zhong, Y., & Kou, Z. (2023). "Ratings, Guarantees, and Bond Issuance Costs—Theoretical Analysis Based on China’s Private Placement Bond Experience." Economic Research Journal, 11.
- Lian, L., & Zhu, S. (2023). "Mandatory Rating Deregulation, Rating Agency Reputation, and Credit Rating Quality—Empirical Evidence from China’s Bond Market." Journal of Financial Research, 10.
Data Update Frequency
Annual Updates