This database systematically integrates credit rating-related announcements and original texts released by six major information disclosure platforms in China's bond market: Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), China Money (Chinamoney), China Bond (ChinaBond), National Association of Financial Market Institutional Investors (NAFMII), and Shanghai Clearing House (SHCH). The database comprehensively covers various credit bond categories including corporate bonds, financial bonds, and non-financial enterprise debt financing instruments. Its core content includes structured announcement tables and corresponding original PDF files, constructing a long-term, authoritative, and traceable credit rating information benchmark database. This establishes a solid data foundation for in-depth analysis of the information disclosure mechanisms and risk pricing logic in China's credit bond market.
Data 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 Text: Provides dual data formats: "structured tables of key fields" 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 justifications), balancing research efficiency with data depth.
- Full-Cycle Tracking of Credit Events: Data includes not only initial rating announcements but also complete records of periodic tracking ratings, inclusion in watchlists, rating upgrades/downgrades, and default announcements. This enables longitudinal tracking of credit quality evolution for individual issuers, providing essential conditions for constructing dynamic credit risk models.
- Authoritative Sources and Standardized Collection: All data is extracted from regulatory-designated statutory disclosure platforms, ensuring official status 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 data.
Potential Application Scenarios:
- Academic Research: Empirically test the information content of credit ratings, market reactions to rating adjustments, rating agencies' independence and accuracy, and how ESG factors are incorporated into rating considerations.
- Commercial Services: Provide refined risk monitoring, stress testing, and early-warning support for credit bond portfolios of financial institutions (banks, funds, insurers), assisting investment decisions and performance attribution.
- Policy Optimization: Regulatory authorities can use this database to macro-examine the overall quality of the rating industry and rating migration patterns, evaluating the impact of major reform policies (e.g., Bond Connect, registration-based IPO system) on disclosure efficiency and rating behaviors.
Time Range
SSE Corporate Bond Credit Rating Announcements: 2017.06.29–2025.09.29
SZSE Corporate Bond Credit Rating Announcements: 2009.03.24–2025.09.24
NAFMII Bond Credit Rating Announcements: 2017.10.18–2025.09.29
SHCH Bond Credit Rating Announcements: 2017.01.04–2025.10.21
Chinamoney - Bond Rating Reports: 2005.09.14–2025.10.15
Chinamoney - Issuer Rating Reports: 2006.04.01–2025.11.04
Chinamoney - Special Focus Reports: 2007.04.23–2025.11.06
Chinamoney - Latest Bond Rating Tables: 1998–2025.11
Field Display
Chinamoney Bond Credit Rating Announcements - Field Table
Sample Data
SSE Corporate Bond Credit Rating Announcements Table
SZSE Corporate Bond Credit Rating Announcements Table
NAFMII Bond Credit Rating Announcements Table
SHCH Bond Credit Rating Announcements Table
Chinamoney - Latest Bond Credit Ratings
Chinamoney - Bond Rating Reports
Chinamoney - Issuer Rating Reports
Chinamoney - Special Focus Reports
ChinaBond Bond Credit Rating Announcements
Relevant Literature
- PAN Yilin, ZHANG Shuyi, ZHU Kai, 2023: "Still Telling the Truth: Value Relevance of Text Information in China 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 Experience of China's Private Placement Bonds," Economic Research Journal No. 11.
- LIAN Lishuai, ZHU Song, 2023: "Cancellation of Mandatory Ratings Policy, Rating Agency Reputation and Credit Rating Quality—An Empirical Study Based on China's Bond Market," Journal of Financial Research No. 10.
Data Update Frequency
Annual updates