China Securities Association: In the third quarter, credit rating agencies collectively undertook 3,553 bond products, an increase of 11% month-on-month.

On December 23, the China Securities Industry Association released a report on the operation and compliance of credit rating agencies in the bond market for the third quarter of 2025. The report shows that in the third quarter, 15 credit rating agencies undertook a total of 3553 bond products, an increase of 11% compared to the previous quarter; they undertook ratings for 3505 entities, a decrease of 10.24% compared to the previous quarter. During the same period, credit rating agencies made rating adjustments for 31 issuers, a decrease of 36.73% compared to the previous year. Among them, one issuer was placed on the credit rating watchlist; there were positive adjustments for 23 issuers, with 22 upgrades in rating level and 1 upgrade in outlook, all with an increase of 1 sub-level; there were negative adjustments for 7 issuers, all involving rating downgrades.