导读 壹||从2025年新发债券市场来看，Wind数据显示，信用债新发行债券中AAA级债券的金额占比更是超过 90%。相较2016年，9年时间，这一数字上升了近97%； 贰||市场违约数据的下行，也为"国企信仰"提供了底气。根据新世纪评级报告，2025年上半年债券市场 违约规模同比大幅下降73%，且主要集中于个别破产重整案件。 叁||导致AAA评级"绝对占领"市场的另一重原因，来自行业内部日趋激烈的竞争。这种"级别竞争"正在 无形中推高发行人的心理预期，也让坚守标准的评级机构陷入被动。 肆||上述头部评级机构高管认为，评级业务收费较低，评级机构理应高度重视自身的长期生存能力，而 声誉正是其关键所在，必须倍加爱惜自己的羽毛。 "其他家可以给高评级，如果你们不能给，我们就找别家做。"这一句债券发行人的话，像一根刺，扎在 王涛心里。他听得出来，对方语气平淡，却没有一点商量的余地。 王涛是国内某大型知名评级机构的高管，深耕评级行业近20年。2025年以来，他愈发明显地感受到，展 业压力增大了不少。"特别是新增的国企客户，常常开口就问'能不能给AAA'。"王涛苦笑着说，"评级 机构好像变得更加'弱势'了。" 从发行端来 ...

Core Viewpoint - The article discusses the transformation of the credit rating industry in China, highlighting the overwhelming dominance of AAA-rated bonds in the market, driven by factors such as "state-owned enterprise faith," changes in issuer structure, intense competition, and regulatory reforms [1][6][13]. Group 1: Market Trends - In 2025, AAA-rated bonds accounted for over 90% of new credit bond issuances, a significant increase of nearly 97% compared to 2016 [3][9]. - The proportion of AAA-rated bonds among newly issued corporate bonds reached 85% in the first eight months of 2025, up from 40% in the same period in 2016 [5][10]. - The share of private enterprises in bond issuance has drastically decreased, with only 1% of issuers being private in 2025, down from 37% in 2016 [6][14]. Group 2: Investor Behavior - The decline in market defaults has reinforced the "state-owned enterprise faith," with a 73% year-on-year decrease in bond market defaults in the first half of 2025 [15]. - Investors are increasingly relying on internal rating systems rather than external ratings due to concerns over inflated ratings [11][13]. Group 3: Rating Agency Dynamics - The competitive landscape among rating agencies has intensified, with issuers pressuring agencies to provide AAA ratings, leading to a dilution of rating standards [16][19]. - The number of rating agencies has increased, resulting in a price and rating competition that undermines industry standards [19][20]. - Regulatory scrutiny has intensified since 2021, with multiple agencies facing penalties for non-compliance, highlighting the need for improved governance and compliance within the industry [23][24]. Group 4: Future Outlook - Industry leaders emphasize the importance of maintaining long-term survival and reputation, suggesting that agencies should focus on quality over quantity in their ratings [22][26]. - Recommendations for addressing the inflation of credit ratings include improving the rating fee model, creating a balanced competitive structure, and enhancing regulatory frameworks [26].