On the evening of December 30, the China Securities Association and the China Interbank Market Dealers Association announced the results of the 2025 joint market-based evaluation of credit rating agencies. According to reports, the China Securities Association and the Interbank Association organized and carried out joint market-based evaluation of credit rating agencies in 2025 in accordance with the “Joint Market-based Evaluation Measures for Credit Rating Agencies in the Bond Market”. At present, the evaluation results have completed the relevant procedures in accordance with the regulations. This evaluation is a comprehensive evaluation of the practices of each participating rating agency in 2024. It mainly reflects the relative level of compliance and internal control, quality of practice and service capability of the participating agencies. It does not involve an evaluation of the credit status and business qualifications of the rating agencies. In order to ensure the fairness, impartiality, and comparability of the evaluation results, China Debt Credit, which uses the investor-paid business model, did not participate in the ranking of the evaluation results. The remaining 13 institutions that used the issuer payment business model were rated in the second category. The top 80% of the evaluation scores were rated in the second category, and the last 20% were rated in the third category. Each category was ranked according to the level of the evaluation score. The first to tenth places were China Chengxin International Credit Rating Co., Ltd., Dongfang Jincheng International Credit Assessment Co., Ltd., Fitch Bowa Credit Rating Co., Ltd., China Securities Pengyuan Credit Assessment Co., Ltd., S&P Credit Rating Co., Ltd., Anrong Credit Rating Co., Ltd., Antai Credit Rating Co., Ltd., Dagong International Credit Rating Co., Ltd., and Dapu Credit Rating Co., Ltd. These institutions all fall into category II, and there are a total of 10.

On the evening of December 30, the China Securities Association and the China Interbank Market Dealers Association announced the results of the 2025 joint market-based evaluation of credit rating agencies. According to reports, the China Securities Association and the Interbank Association organized and carried out joint market-based evaluation of credit rating agencies in 2025 in accordance with the “Joint Market-based Evaluation Measures for Credit Rating Agencies in the Bond Market”. At present, the evaluation results have completed the relevant procedures in accordance with the regulations. This evaluation is a comprehensive evaluation of the practices of each participating rating agency in 2024. It mainly reflects the relative level of compliance and internal control, quality of practice and service capability of the participating agencies. It does not involve an evaluation of the credit status and business qualifications of the rating agencies. In order to ensure the fairness, impartiality, and comparability of the evaluation results, China Debt Credit, which uses the investor-paid business model, did not participate in the ranking of the evaluation results. The remaining 13 institutions that used the issuer payment business model were rated in the second category. The top 80% of the evaluation scores were rated in the second category, and the last 20% were rated in the third category. Each category was ranked according to the level of the evaluation score. The first to tenth places were China Chengxin International Credit Rating Co., Ltd., Dongfang Jincheng International Credit Assessment Co., Ltd., Fitch Bowa Credit Rating Co., Ltd., China Securities Pengyuan Credit Assessment Co., Ltd., S&P Credit Rating Co., Ltd., Anrong Credit Rating Co., Ltd., Antai Credit Rating Co., Ltd., Dagong International Credit Rating Co., Ltd., and Dapu Credit Rating Co., Ltd. These institutions all fall into category II, and there are a total of 10.