Bond credit rating refers to the credit assessment conducted on valuable bonds issued by enterprises or economic entities. Most bond credit ratings pertain to corporate bonds, involving the evaluation of reliability in timely repayment of principal and interest for specific bonds issued by legally independent enterprises, with corresponding credit grade classifications. This credit rating mechanism provides informational services for investors purchasing bonds and facilitates secondary market circulation activities. Treasury bonds issued by national fiscal authorities and financial bonds issued by state banks are exempt from credit ratings due to government guarantees, while securities issued by local governments or non-state financial institutions generally require rating assessments.
Credit rating agencies conducting ratings for publicly issued corporate bonds must comply with the following regulations:
- Disclose rating information to issuers and promptly release initial rating reports, periodic and ad-hoc follow-up rating reports to the market;
- For corporate bonds with maturities exceeding one year, publish annual follow-up rating reports at least once during the bond's valid duration;
- Diligently monitor all material factors affecting credit ratings, promptly disclose credit rating adjustments and related information changes to the market, and report to securities exchanges.
To support related research, CnOpenData presents China's Corporate Bond Issuance Rating Announcement Data, covering both Shanghai and Shenzhen Stock Exchanges, containing key fields such as announcement date(公告日期), announcement title(公告标题), and bond short name(债券简称).
Time Coverage
- Shanghai Stock Exchange corporate bond credit rating announcements: June 3, 2009 - June 14, 2023
- Shenzhen Stock Exchange corporate bond credit rating announcements: March 24, 2009 - June 13, 2023
Field Display
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
Relevant Literature
- Pan Yilin, Zhang Shuyi, Zhu Kai, 2023: "Truthful Documentation: The Value Relevance of Textual Information in Chinese Bond Rating Reports," Nankai Business Review, No. 4.
- Qian Qianqian, Zhong Yiwen, Kou Zonglai, 2023: "Ratings, Guarantees and Bond Issuance Costs: A Theoretical Analysis Based on China's Private Placement Bond Experience," Economic Research Journal, No. 11.
- Lian Lishuai, Zhu Song, 2023: "Mandatory Rating Removal Policy, Rating Agency Reputation and Credit Rating Quality: Empirical Evidence from China's Bond Market," Journal of Financial Research, No. 10.
Data Update Frequency
Annual Updates