Notice of the General Office of the Development and Reform Commission on announced the results of the credit evaluation results of the company's bond owner and credit rating agency in 2021

Notice of the General Office of the National Development and Reform Commission on announced the results of credit evaluation results of the 2021 corporate bond underwriter and credit rating agency

Fental Caijin [2022] No. 703

All provinces, autonomous regions, municipalities, and planning and construction reform and reform committees in the planned and construction of Xinjiang production and construction of all provinces:

In order to regulate the business behavior of corporate bond owner underwriters and credit rating agencies, strengthen the supervision of the duration of corporate bonds, compact the responsibilities of intermediary agencies, improve the quality of underwriting and credit rating, and promote the healthy and sustainable development of the corporate bond market. The review and settlement of Central Treasury Registration and Settlement Co., Ltd. and the China Banking Market Dealers Association organized the credit evaluation of the 2021 corporate bond owner underwriters and credit rating agencies. The relevant situation and evaluation results are announced as follows:

1. The development of credit evaluation work

The object of the credit evaluation of the owner underwriting of the corporate bonds is 2021 as the main underwriter who has participated in corporate bond underwriting, or the underwriting corporate bonds are still 85 underwriting institutions during the duration; Seven institutions for corporate bond rating business.

The setting of this credit evaluation index system follows the principles of objective justice, scientific norms, quantitative and qualitative combination, specifically including risk prevention and control indicators, credit behavior indicators, service real economic indicators, provincial development and reform departments, institutions, and expert evaluation indicators Part four. The evaluation process adopts the method of participating in the market, including provincial development and reform departments, bond acceptance review and registration custodian institutions, issuers, investors, accounting firms and other relevant units and related fields to participate in the evaluation work. Participating institutions and experts evaluate the risk prevention and control capabilities, credit conditions, performance capabilities and service levels, rating results and rating service quality of the risk prevention and control of the institutions.

On the whole, the credit status and diligence of the underwriters, the credit rating institutions, and the diligence of the credit rating institutions are better. And the recognition of experts in various business areas. At the same time, it was also found in the evaluation that some underwriters were not in place to investigate the principal and interest payment risk investigation and payment of funds for the principal and interest payment risk of depository corporate bonds. Risk early warning capacity is limited, and the distribution of rating results is insufficient.

2. Credit evaluation results

(1) Results of credit evaluation of the main underwriter.

The total of 85 underwriters of the reviewer and underwriting, which sorted from high to low according to the evaluation scores, divided the subject underwriters into three categories: A, B, and C. Among them, there were 25 types of main underwriters, with an average score of 86.81 points; 47 type B underwriters, average score of 78.08 points; 13 type C underwriters, an average score of 69.03 points. See Annex 1 for the specific evaluation results.

(2) Credit evaluation results of credit rating agencies.

The average score of 7 credit rating institutions rated this time was 80.03 points. See Annex 2 for the specific evaluation results.

Third, incentive and punishment measures

(1) Encourage and support the evaluation results to actively participate in corporate bond work. Our committee will provide more opportunities and conditions in policy research, variety innovation, business guidance and other aspects.

(2) Encourage bond issuers to make full use of credit evaluation results in the process of selecting the main underwriters and credit rating agencies to play the role of the survival of the fittest.

(3) The main underwriters and credit rating agencies who have lost their duty and unprofessional behaviors will be recorded in the credit files of corporate bond agencies and reflected in the relevant indicators of the annual credit evaluation. Regarding the due diligence of corporate bonds, declaration and distribution, and duration management, there are incompetence or multiple unprofessional behaviors, and our commission will also ask the audit institution to meet with relevant responsible agencies and take corresponding punishment measures.

(4) The underwriter allows them to act as the main inheritor of high -quality corporate bonds for underwriting agencies that meet the following conditions:

1. The result of this credit evaluation is class A or B;

2. Nearly two evaluations of the annual approved approval or registration notice as independent or leading underwriters.

The underwriting agency that does not meet the above conditions or has not participated in the evaluation of 2021, from the date of the announcement of the evaluation results to the date of the announcement of the credit evaluation results of the next year. Effects and improve the ability to perform duties.

(5) For the main inheritors and credit rating agencies with reducing evaluation results, the provincial development and reform departments are requested to cooperate with our commission to strengthen their daily supervision and increase supervision of their underwriting and rating projects.

The main underwriters and credit rating agencies are requested to carry out work in accordance with laws and regulations, perform their duties, and strive to improve the quality of service capabilities and credit rating services for corporate bonds, and promote the healthy, stable and sustainable development of the corporate bond market.

appendix:

1. The results of the credit evaluation results

2.2021 Credit evaluation results of corporate bond credit rating agencies

General Office of the National Development and Reform Commission

August 9, 2022

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