The central bank encourages enterprises to use a local rating institution Chinese -funded rating institution to welcomes the profit when financing overseas

Economic Observation Network reporter Cai Yuekun's Chinese -funded rating agency welcomes a good policy.

Several rating agencies have revealed that recently received the "Comprehensive Promoting Beijing Credit System High -quality Development and Promotion Action Plan for High -quality Development and Promoting the formation of a new development pattern" issued by the Business Management Department of the People's Bank of China (hereinafter referred to as the "Action Plan").

The "Action Plan" mentioned: Encourage the mainland government platforms, financial institutions, and debt issuance companies to use rating services from local rating institutions during overseas financing; in the section of the Chinese US dollar debt filing, encourage issuers to choose at least one local rating Institutions, gradually improving the right to speak in the international capital market in the international capital market.

At present, major domestic rating agencies include China Integrity International, United Credit Credit, Pengyuan Credit, Oriental Jincheng, Dagong International, China Debt Credit, etc. It is understood that most of the domestic rating is the issuer's payment model; China Debt Credit is the first rating agency in China to adopt an investor paid operation model.

Dr. Ai Renzhi, Vice Chairman of the Board of Directors of United Rating International Co., Ltd. (hereinafter referred to as "United International") said: The "Action Plan" proposes some specific implementation measures, which will help promote the expansion of Chinese rating agencies to expand overseas rating business. Accumulate international rating experience, and provide support for Chinese -funded rating agencies to enhance international competitiveness and expand international popularity. Compared with the three major international rating agencies, Chinese -funded rating agencies have a deeper understanding and grasp of the domestic economic environment and political systems, industry and corporate credit, and the understanding of the credit risk of different types of debt issues in the Chinese market is also more accurate. Essence The "going global" of Chinese -funded rating agencies can more accurately reveal the credit risks of Chinese -funded enterprises and can provide richer credit information in order to facilitate foreign investors to better deploy asset allocation, and it is also conducive to domestic enterprises The security and stability of overseas debt financing.

Dr. Ai Renzhi also pointed out that the cultivation of credit rating agencies with international competitiveness is the first to rely on domestic large markets, and at the same time, they also need to "go global" to participate in international competition. The accelerated two -way opening of China's credit bond market requires Chinese -funded rating agencies to provide matched rating services and orderly promoting the internationalization of the national rating industry. It is an inevitable result for the development of the domestic rating industry and the bond market to a certain stage.

Prior to this, in August 2021, the five ministries and commissions of the People's Bank of China jointly issued the "Notice on Promoting the Healthy Development of the Credit Rating Industry of the Bond Market" (hereinafter referred to as the "Notice"), which requires credit rating agencies to strengthen information disclosure and strengthen market constraints mechanism. The notice also mentioned "dual -rating cross -verification" and encouraged investors to pay models.

The "Notice" clearly states that the issuer is encouraged to choose two or more credit rating agencies to carry out rating business, and continue to guide the scope of the application of investors' payment rating. For the results of the investor paid rating, you can choose the investor paid rating as the internal control reference. Encourage credit rating agencies to carry out active rating, investor paid rating and disclose rating results, and play a cross -verification role of dual rating, multi -rating, and different model rating.

Dual rating "pioneer" credit ABS

It is understood that in terms of dual rating practice, credit ABS is a pioneer in the market.

Since the beginning of the restart of the Credit ABS in 2012, the "Notice on Further Expanding the Relevant Matters of the Pilot of Securities of Credit assets" is clearly required to "hire two credit rating agencies with rating qualifications for continuous credit rating" to establish doubles and establish doubles. The implementation of the rating system, "supports the use of investor payment model for credit rating for asset support securities."

According to China Debt Credit Data, reviewing the ten -year development of credit ABS, thanks to effective supervision and institutional guarantee, dual rating functions, and the full play of investor payment models, in the field of credit ABS, which has issued more than 5 trillion yuan, achieved achievements. 0 default, 0 risk incidents. It is understood that China Debt Credit, as an investor paid model rating agency, has been participating in credit ABS rating services.

For the benefits of the introduction of dual rating, a person in the rating industry said that through the mutual verification between different rating, it has a great role in improving the accuracy of rating, strengthening rating credit risks, and effective prevention of risks. In addition, the introduction of dual rating can help the credit ABS field to suppress the high rating of rating, which also reflects the positive role of investor paid model in the bond market "seeing the doorman".

In addition, Jiang Guo, the person in charge of CITIC Construction Investment Securities Structure and Financing Business Department, said that at present, in terms of complex and innovative products (such as structural products), in the early stage of my country, in the early stage of China Good results. The mutual confirmation of different paid model rating results is also conducive to suppressing the high height and better revealing risks. From the perspective of risk prevention, it is necessary to give full play to the advantages of the dual rating system, encourage investors to pay the marketing agency with high market recognition and good reputation market institutions to participate more fully, and strengthen the mutual verification in different payment models. , Promote the return of rating results to return rationality.

Wu Yuhui at the School of Management of Xiamen University said that the comparative study of the two -type credit rating quality has been found that the two models have favorable and disadvantages. The issuer's payment model can make the issuer to obtain internal information, but the independence is vulnerable; the investor's payment model does not charge the issuer, and its independence is strong, but it is difficult to obtain the internal information of the issuer. But in general, the rating quality of investors' payment model will be better. The five ministries and commissions "Notice of Letter" encouraged the rating agencies that use the investor paid model on more occasions, and even introduced multi -rating cross -verification, which has certain rationality. Chinese -funded rating agency is good

For the central bank encouraged the issuer to record at least one local rating agency at least one local rating agency, the rating industry responded enthusiastically.

China Integrity International said that the introduction of the document has caused a warm market, especially in the Chinese -funded overseas bond market with Chinese -funded and investors in the issuer. The spirit of this document is of great significance. As soon as the document was introduced, the main participants of the Chinese -funded overseas bond markets, including issuers, global coordinators, law firms, and trustists, etc., they have counseled with rating companies, especially the many key issuers in Beijing are targeted at The overall layout of its overseas bonds exchanged high frequency with Chinese -funded rating agencies. With the further implementation of the spirit of the document, it is expected that there will be new changes in the Chinese -funded overseas bond rating market.

China Integrity International also pointed out that for a long time, the development of Chinese -funded rating agencies in the international market has always been difficult. Although Chinese credit rating institutions can understand the credit of the issuance of the Chinese US dollar bond market, the change of the market pattern is not overnight. thing. From a macro perspective, the expansion of quantitatives and the formation of scale requires the national level, especially the competent authorities, especially the competent authorities to pay more attention to supporting professional credit rating agencies. Under the complicated and changing situation of the political and economic environment at home and abroad, through the accumulation of several years, Chinese -funded rating agencies finally ushered in this important moment.

According to China Integrity International Analysis, from the perspective of the development experience of the international rating market, the market market concentration is high, and the three major rating institutions account for more than 90%of the market share. In addition to improving the international discourse rights of China's rating agencies, it should also promote the integration of the industry, reduce vicious competition, enhance the overall stability and competitiveness of the Chinese rating industry, and create conditions for its better advantages in the international market.

Ai Renzhi also said that there are several important signs of the internationalization of rating agencies: First, the rating business covers at least two international currencies (such as the US dollar, euro, RMB) as the bond market for the price and settlement of the currency, and its issuer's credit Risk evaluation; the second is that the area for rating business should be in different major financial markets around the world; the third is that the rating business must obtain the recognition of financial regulators and investors where the business development is located. Promoting the development of Chinese credit rating agencies should accelerate the establishment of rating standards with global applicability and convergence with internationalization, expand the development of international rating business, and gradually improve and inspect rating standards in international business to meet overseas overseas Investors' diversified credit risks reveal the demand, better serve international investors, increase the recognition of overseas investors and regulatory agencies for Chinese -funded rating institutions, expand the international influence of Chinese credit rating agencies, enhance China's international credit rating in international credit rating The right to speak in the market.

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