Core Viewpoint - The joint market evaluation results for credit rating agencies for the year 2025 have been released by the China Securities Association and the National Association of Financial Market Institutional Investors, reflecting the compliance, quality of practice, and service capabilities of the participating agencies [1] Group 1: Evaluation Process - The evaluation was conducted based on the "Joint Market Evaluation Method for Credit Rating Agencies in the Bond Market" [1] - The results reflect the performance of the participating agencies in 2024, focusing on their compliance, internal control, and service quality [1] - The evaluation does not assess the creditworthiness or business qualifications of the rating agencies [1] Group 2: Evaluation Results - A total of 13 agencies using the issuer-paid model were evaluated, with the top 80% classified as Category II and the bottom 20% as Category III [1] - The top ten agencies in Category II include: 1. China Chengxin International Credit Rating Co., Ltd. 2. Dongfang Jincheng International Credit Evaluation Co., Ltd. 3. United Ratings Co., Ltd. 4. Fitch Bohua Credit Rating Co., Ltd. 5. China Bond Rating Co., Ltd. 6. S&P Global Ratings (China) Co., Ltd. 7. Anrong Credit Rating Co., Ltd. 8. Antai Credit Rating Co., Ltd. 9. Dagong Global Credit Rating Co., Ltd. 10. Dapeng Credit Rating Co., Ltd. [1]

Core Viewpoint - The purpose of the evaluation is to enhance self-regulation among credit rating agencies, improve rating quality and industry credibility, and support the high-quality development of the multi-tiered bond market [1] Group 1: Evaluation Overview - The evaluation will involve 14 credit rating agencies that conduct rating business in the exchange and interbank bond markets [1] - The evaluation period is set from January 1, 2024, to December 31, 2024, with a submission deadline for evaluation materials by October 22, 2025 [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][3] Group 2: Evaluation Criteria - Business Foundation Evaluation reflects the quality of credit ratings and business conditions, including rating quality, management of personnel and institutions, compliance management, and information disclosure management [2] - Market Member Evaluation involves assessments from investors and experts regarding the rating quality and service capabilities of credit rating agencies [3] - Regulatory Self-Discipline Evaluation assesses the compliance capabilities of credit rating agencies by regulatory authorities and self-regulatory organizations [3] Group 3: Scoring and Classification - Agencies can receive additional points for fulfilling social responsibilities during the evaluation period, while points may be deducted for legal or administrative penalties [3] - Credit rating agencies will be classified into four categories based on their evaluation scores, with the top 80% ranked in the first or second category and the bottom 20% in the third category [3]