1. Definition and connotation of bond rating
Bond credit rating is a credit rating based on marketable bond objects issued by enterprises or economic entities.
Bond credit ratings are mostly corporate bond credit ratings , which are an objective and fair assessment of the reliability of a specific bond issued by an enterprise with independent legal personality to repay principal and interest on schedule, and indicate its credit rating.
2. Credit rating process
1. Rating preparation
Establish a rating project team. The project team implements the team leader responsibility system and consists of at least two rating analysts. The leader of the project team should have securities qualifications and have been engaged in credit rating business for more than 3 years .
Project team members should sign a conflict of interest avoidance commitment letter .
2. Field investigation
3. Initial evaluation stage
4. Rating
The determination, maintenance, adjustment and invalidation of the credit rating of the assessment object shall be decided by the credit rating review meeting held by the rating committee .
The credit rating review meeting is chaired by the director of the rating committee or other committee members authorized by him in writing. The number of participating review committee members shall not be less than 5 .
The rating committee votes on the credit rating, and the credit rating result must be approved by more than half of the review committee to be valid.
5. Feedback and re-evaluation of rating results
6. Result release
7. Document archiving
8. Track Ratings
During the validity period of the rated object, securities rating agencies should continue to track major changes in the rated object , promptly analyze the impact of such changes on the credit rating of the rated object, and issue regular or irregular follow-up rating reports .
Securities rating agencies shall issue regular follow-up rating reports at least once a year during the life of the securities being rated .
3. Grade standards and main contents of bond rating
Interbank bond market mid- and long-term bond credit ratings
Interbank bond market short-term bond credit rating
3. Grade standards and main contents of bond rating
Main elements of bond rating
1.Enterprise quality
2. Business capabilities
3. Profitability
4. Solvency
5. Performance of the contract
6. Development prospects
(Enterprise operation, development and profit, debt repayment and performance)
