智通财经网·2025-06-10 12:42Group 1 - As of March 31, 2025, there are 5,625 issuers of corporate credit bonds and financial bonds in the interbank market, with 3,065 non-financial corporate debt financing tools, 4,189 corporate bonds, and 505 financial bond issuers [1] - The distribution of issuer ratings shows that AA-rated issuers account for 25.51%, 38.74%, and 9.31% respectively, while issuers rated AA+ and above account for 70.54%, 51.47%, and 65.35% [1] - There are 12,266 outstanding local government bonds, with AAA-rated bonds making up 97.11%, and 9,684 asset-backed securities with 44.53% rated AA and above [1] Group 2 - In the first quarter, 15 rating agencies collectively undertook 2,609 bond products, a decrease of 4.92% quarter-on-quarter, and 2,200 issuer ratings, down 21.06% [2] - The leading agencies by business volume are China Chengxin International and United Ratings, with market shares of 33.92% and 20.9% respectively [2] Group 3 - There were 19 rating adjustments made by rating agencies in the first quarter, a decrease of 36% quarter-on-quarter, with 8 positive adjustments and 7 negative adjustments [3] - China Chengxin International made the most positive adjustments, raising the ratings of 4 issuers, while Zhongceng Pengyuan had the most negative adjustments, lowering the ratings of 4 issuers [3] Group 4 - In the first quarter, 114 issuers changed their rating agencies, a decrease of 22 year-on-year and 60 quarter-on-quarter, with an upgrade rate of 7.02% for those whose new agency provided a higher rating [4] - Standard & Poor's (China) upgraded 4 issuers, representing 100% of its new agency assignments [4] Group 5 - As of March 31, 2025, there are 902 issuers with ratings from two or more agencies, representing 17.22% of outstanding bond issuers, with a discrepancy rate of 7.10% [5] - The discrepancies in ratings are all within one sub-level, with China Chengxin International rating 11 issuers higher than others, accounting for 2.14% [5]