Core Points - The China Securities Association and the National Association of Financial Market Institutional Investors have issued a notice regarding the market-oriented evaluation of credit rating agencies for the year 2025 [1] - The evaluation aims to enhance self-regulation among credit rating agencies, improve rating quality, and bolster industry credibility to support the high-quality development of the multi-tiered bond market [1][2] Evaluation Framework - The evaluation period is set from January 1, 2024, to December 31, 2024, focusing on the performance of 14 credit rating agencies in the exchange and interbank bond markets [2] - The evaluation criteria consist of three categories: Business Foundation Evaluation (60 points), Market Member Evaluation (30 points), and Regulatory Self-Discipline Evaluation (10 points) [2] - Agencies will receive additional points for fulfilling social responsibilities and will face deductions for legal or regulatory penalties, with cumulative deductions applied for repeated offenses [2]

Core Viewpoint - The joint evaluation of credit rating agencies aims to enhance self-regulation, improve rating quality, and bolster industry credibility, thereby supporting the high-quality development of the multi-tiered bond market [2][3]. Group 1: Evaluation Purpose and Participants - The evaluation is designed to strengthen self-regulation among credit rating agencies and guide them in improving their rating quality and industry credibility [2]. - Fourteen credit rating agencies are subject to this evaluation, including notable firms such as Dagong Global Credit Rating Co., Ltd. and China Chengxin International Credit Rating Co., Ltd. [2][3]. Group 2: Evaluation Process and Criteria - Participating agencies must submit self-evaluation materials that are accurate and complete, with a deadline set for October 22, 2025 [2][3]. - The evaluation period spans from January 1, 2024, to December 31, 2024, and will assess the performance of rating agencies based on a scoring system with a total of 100 points [3][4]. - The evaluation criteria include three main categories: Business Foundation (60 points), Market Member Evaluation (30 points), and Regulatory Self-Discipline (10 points) [3][4]. Group 3: Scoring and Classification - The Business Foundation evaluation reflects the quality of credit ratings and the operational status of the agencies, covering aspects such as rating quality and compliance management [3][4]. - Agencies can earn additional points for fulfilling social responsibilities, while penalties apply for legal or regulatory violations, with cumulative deductions for repeated offenses [4]. - Based on the evaluation results, agencies will be classified into four categories, with the top 80% scoring in the first or second category, and the bottom 20% in the third category, while severely penalized agencies will fall into the fourth category [4].