评级机构年度评价出炉：行业服务能级提升 质量内核经受长期审视

Core Viewpoint - The China Banking and Insurance Asset Management Association has released the self-assessment results for credit rating agencies for 2025, indicating an upward trend in the overall quality of credit rating agencies from 2023 to 2025, with enhanced operational norms and a stronger sense of due diligence [1] Group 1: Industry Evolution - The evaluation results reveal a "dual narrative" of collective service level enhancement and stable quality standards within the industry [2] - Credit rating agencies are transitioning from being mere "grade providers" to comprehensive credit risk information and service providers, aligning with market demands for reduced "rating dependency" [2] - The report highlights that the average score of the 11 participating agencies ranges from 85.35 to 55.50, indicating a tiered difference in performance [3] Group 2: Performance Highlights - Zhongdai Credit maintained its leading position with the highest overall score for the eighth consecutive year, followed by Zhongcheng Credit and Dongfang Jincheng with scores of 77.85 and 75.13 respectively [2] - The evaluation emphasizes the stability and continuity of "rating quality," particularly for long-standing top institutions, with Zhongdai Credit demonstrating strong differentiation and a default rate of 0% for rated high-grade entities [2][3] Group 3: Future Development Suggestions - The association suggests enhancing internal controls to ensure independence, promoting a shift towards "comprehensive credit services," and improving the rationality of rating sequences and risk disclosure [3][4] - Experts emphasize the potential of the investor-paid model to enhance the long-term reputation and professional quality of credit rating agencies, thereby supporting healthy market development [4][5] Group 4: Market Expectations - The investor-paid model is seen as a mechanism to effectively isolate the interests of rating agencies from issuers, allowing for a more comprehensive assessment of issuers' actual conditions [4][5] - The market anticipates that high-quality, cross-verified rating information will serve as a valuable decision-making reference for investment institutions, fostering more robust risk discussions [5][6]