Core Viewpoint - The joint market-oriented evaluation is an important method to promote the standardized and healthy development of the credit rating industry in China [1] Group 1: Evaluation Results - The China Interbank Market Dealers Association and the Securities Association of China will jointly release the results of the 2025 annual evaluation of credit rating agencies on December 30, 2025 [1] - Ten companies, including China Chengxin International Credit Rating Co., Ltd. and Dongfang Jincheng International Credit Evaluation Co., Ltd., were rated as Category II, while three companies, including Far East Credit Evaluation Co., Ltd., were rated as Category III [2] - The evaluation reflects the compliance, internal control, professional quality, and service capabilities of the participating agencies for the year 2024, without assessing their credit status or business qualifications [1] Group 2: Evaluation Methodology - The new evaluation method focuses more on the authenticity of rating results and professional capabilities, steering the industry back to the essence of credit rating services [3] - The market-oriented evaluation index system consists of three categories: business foundation evaluation (60 points), market member evaluation (30 points), and regulatory self-discipline evaluation (10 points), with provisions for both deduction and addition of points [3] - The business foundation evaluation reflects the quality and status of credit ratings, including rating quality (33 points), management of institutions and personnel (17 points), compliance management (7 points), and information disclosure management (3 points) [3] Group 3: Future Directions - The two associations plan to further refine the evaluation index system under the guidance of regulatory authorities, aiming to enhance corporate governance, strengthen internal control management, optimize rating methods, improve rating quality, and accumulate reputation capital [3]

Core Viewpoint - The joint market evaluation results for credit rating agencies in 2025 were released, highlighting the rankings of 13 agencies based on their performance under the issuer-paid model, with no first-class agencies identified and some agencies affected by penalties during the evaluation period [1][2]. Group 1: Evaluation Results - A total of 13 rating agencies participated in the evaluation, with 10 classified as second-tier and 3 as third-tier, while no first-tier agencies were rated [1][2]. - The top ten second-tier agencies ranked from first to tenth are: China Chengxin International Credit Rating Co., Ltd., Dongfang Jincheng International Credit Assessment Co., Ltd., United Ratings Co., Ltd., Fitch Bohua Credit Rating Co., Ltd., China Securities PENGYUAN Credit Rating Co., Ltd., S&P Global Ratings (China) Co., Ltd., Anrong Credit Rating Co., Ltd., Antai Credit Rating Co., Ltd., Dagong Global Credit Rating Co., Ltd., and Dapxin Credit Rating Co., Ltd. [1]. - The three third-tier agencies ranked from eleventh to thirteenth are: Far East Credit Rating Co., Ltd., Shanghai New Century Credit Rating Investment Service Co., Ltd., and Beijing Koala Credit Rating Co., Ltd. [1]. Group 2: Evaluation Methodology - The evaluation was conducted based on the "Measures for Joint Market Evaluation of Credit Rating Agencies in the Bond Market," focusing on compliance, internal control, service quality, and does not assess the credit status or business qualifications of the agencies [2]. - The evaluation results aim to promote a healthy competitive ecosystem in the rating industry, encouraging agencies to enhance rating quality, internal control, and service capabilities [2]. - Future efforts will include refining the evaluation index system to guide agencies in improving governance, internal control management, rating methods, and reputation capital accumulation [2].