China Securities Association: The amount of bond and issuer rating contracts undertaken in the second quarter increased compared to the previous quarter.

On August 21st, according to the website of the China Securities Association, in order to promote the standardized and healthy development of the bond market credit rating business and fully utilize the market infrastructure role of credit rating, the China Interbank Market Traders Association and the China Securities Industry Association summarized the business development, personnel situation, and self-discipline management dynamics of 15 credit rating agencies in the bond market in the second quarter of 2025. In the second quarter, the 15 rating agencies collectively undertook 3201 bond products, an increase of 22.69% compared to the previous quarter; they also undertook ratings for 3905 entities, an increase of 77.50% compared to the previous quarter. In terms of business concentration, the top three rating agencies accounted for 30.66%, 26.29%, and 12.20% of the total business volume, totaling nearly 70% of the entire market.