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 ...

为促进债券市场信用评级业务的规范健康发展，充分发挥信用评级的中介服务职能作用，日前，中国证 券业协会(以下简称"证券业协会")和中国银行间市场交易商协会(以下简称"交易商协会")披露了2025年 第一季度债券市场15家信用评级机构的业务发展情况、从业人员情况和自律管理动态。 整体来看，债券评级及主体评级承揽量环比下降，评级调整家数环比下降。在业内人士看来，信用评级 机构应当继续完善公司治理和内部控制机制，不断优化评级技术体系，依法合规开展信用评级业务，切 实提升评级质量和投资者服务水平。 5月7日，债市"科技板"上线，为评级机构工作带来了更多挑战。中诚信国际总裁岳志岗表示，在债券市 场高质量发展、创新品种加速涌现的新机遇下，评级行业作为资本市场重要的参考要件，也需构建与之 适配的"新范式"，进一步完善评级体系、优化评级思路，赋能资本市场提升服务实体经济的质效。 同一发行人级别不一致率为7.1% 数据显示，截至一季度末，我国债券市场存续的公司信用类债券和金融债券发行主体共计5625家。其 中，非金融企业债务融资工具、公司债(含企业债)、金融债发行人分别为3065家、4189家和505家。 从主体级别分布看，AA ...

Group 1 - As of March 31, 2025, there are 5,625 issuers of corporate credit bonds and financial bonds in the interbank market, with 3,065 non-financial corporate debt financing tools, 4,189 corporate bonds, and 505 financial bond issuers [1] - The distribution of issuer ratings shows that AA-rated issuers account for 25.51%, 38.74%, and 9.31% respectively, while issuers rated AA+ and above account for 70.54%, 51.47%, and 65.35% [1] - There are 12,266 outstanding local government bonds, with AAA-rated bonds making up 97.11%, and 9,684 asset-backed securities with 44.53% rated AA and above [1] Group 2 - In the first quarter, 15 rating agencies collectively undertook 2,609 bond products, a decrease of 4.92% quarter-on-quarter, and 2,200 issuer ratings, down 21.06% [2] - The leading agencies by business volume are China Chengxin International and United Ratings, with market shares of 33.92% and 20.9% respectively [2] Group 3 - There were 19 rating adjustments made by rating agencies in the first quarter, a decrease of 36% quarter-on-quarter, with 8 positive adjustments and 7 negative adjustments [3] - China Chengxin International made the most positive adjustments, raising the ratings of 4 issuers, while Zhongceng Pengyuan had the most negative adjustments, lowering the ratings of 4 issuers [3] Group 4 - In the first quarter, 114 issuers changed their rating agencies, a decrease of 22 year-on-year and 60 quarter-on-quarter, with an upgrade rate of 7.02% for those whose new agency provided a higher rating [4] - Standard & Poor's (China) upgraded 4 issuers, representing 100% of its new agency assignments [4] Group 5 - As of March 31, 2025, there are 902 issuers with ratings from two or more agencies, representing 17.22% of outstanding bond issuers, with a discrepancy rate of 7.10% [5] - The discrepancies in ratings are all within one sub-level, with China Chengxin International rating 11 issuers higher than others, accounting for 2.14% [5]