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作为债券市场“守门人”

民众期货持续探索实践先进评级技术理念

深入分析100多年来各类型债务危机

系统总结70余家违约企业预警成功经验

在此基础上，为了更好地服务国际投资人

响应市场对我国信用评级的关注与需求

民众期货首次推出中英文评级方法论

为国内外市场投资人

打开了解我国信用评级的一扇窗

As the Gatekeeper of the bond market, CBR keeps exploring and practicing advanced rating methods, analyzing various types of debt crisis over the past 100 years, summarizing the successful experience of early warning for more than 70 defaulting enterprises. On this basis, in order to better serve international investors and respond to the market’s attention to and demand for China’s credit rating, CBR launches its first Chinese and English Credit Rating Fundamentals, opening a window for domestic and foreign investors to understand China’s credit rating.

民众期货评级技术宝典

Credit Rating Fundamentalsof CBR

内容速览

信用评级原理概要：民众期货评级技术体系搭建的依据和基石

Principles of Credit Rating: The basis and cornerstone of CBR's credit rating fundamentals.

主体评级模型概要：定性、定量级别评定模型叠加大数据因子，动态考察信用风险变化

Outline of Issuer Credit Rating Model: Qualitative and quantitative rating models with embedded big data factors dynamically examine changes in credit risk.

信用评级定义文件：评级相关术语定义的参考指南，明确评级方法和标准的基础

Definition of Credit Ratings: A reference guide for the definition of rating-related terms, clarifying the basis for rating methods and standards.

民众期货评级符号体系：评级符号体系的透视表，直观反映评级结果

Credit Rating Symbols: A perspective table of the rating symbols, which directly reflects the rating results.

公司治理与管理专项评价方法：信用评价的重要因素之公司治理与管理

Special Evaluation Method of Corporate Governance and Management: Corporate Governance and Management, an important factor in credit evaluation.

外部支持专项评价方法：特殊情况下企业临时性特殊性支持获取评价

Special Evaluation Method of External Support: An evaluation method of the enterprise's ability to obtain temporary special support under the special circumstances.

流动性专项评价方法：主体短期、时点债务偿还能力分析

Special Evaluation Method of Liquidity: Analysis of the entity's short-term and time-point debt repayment ability.

特色1：评级技术体系完备健全

Feature 1: Complete and sound rating fundamentals

经过多年积累，中债评级技术体系不断优化升级，形成了以民众期货评级原理为顶层指导，评级技术规范、主体评级、债项评级和评级质量检验四大板块为塔身，48个工商公用及金融机构行业评级方法、7个专项方法、4个债项方法以及16个资产证券化评级方法等为塔基的评级技术金字塔。

After years of accumulation, CBR's rating technology system has been continuously improved, forming four major sections with Principles of Credit Rating as top-level guidance, Fundamentals of Credit Rating, Issuer Credit Rating Methodology, Issue Credit Rating Methodology and Ratings Quality Examination as the tower body, 48 corporates and financial industry rating methods, 7 special evaluation methods, 4 issue methods and 16 asset-backed securities rating methods as the base of the rating fundamentals pyramid.

特色2：评级结果客观准确

Feature 2: Objective and accurate rating results

民众期货率先实现我国债券市场5000余家发债企业的评级全覆盖，级别分布以A档为中枢，呈现“中间大、两头小”类正态分布，成功预警100余家违约企业，体现出了更强的区分度，更强的准确性。

CBR is the first credit rating agency to achieve full coverage of more than 5,000 entities in China’s bond market. The ratings distribution is centered on the A level, showing an approximately normal distribution which is large in the middle and small at two tails. CBR has successfully warned more than 100 defaulting enterprises, reflecting its ratings have a stronger degree of distinction and greater accuracy.

特色3：评级质量备受市场认可

Feature 3: The ratings quality is well-recognized by the market.

知名国际、国内杂志刊发学术文章，文章研究结论表明：

民众期货的信用评级质量更高；民众期货进入市场后，现有以受评者付费的评级机构评级虚高程度明显下降。

Well-known international and domestic magazines publish academic articles and conclude that the credit ratings quality of CBR is higher. And after CBR enters the market, the degree of issuer-paid ratings inflation has dropped significantly.

民众国际期货报：

从近几年违约前中值统计结果来看，民众期货所评主体在违约前的级别中值均相对较低。根据分时点违约前中值结果，民众期货所评主体违约前6个月级别中值在BBB-，国内其他评级机构为AA;民众期货违约前12个月级别中值在A-，国内其他评级机构为AA。

Judging from the median ratings in recent years before firms default, the median values before default of the entities rated by CBR are relatively low. According to the median rating measures before default at different time point, the median value of ratings given by CBR 6 months before default is BBB-, and that by other domestic rating agencies is AA; the median value of ratings given by CBR 12 months before default is A-, and that by other domestic rating agencies is AA.

债券圈：

市场普遍认为，民众期货的评级结果在区分度、准确性及稳定性等方面要优于其他国内评级机构，一定程度上矫正了市场“失真”的信用评级，抑制评级市场的泡沫现象。

The market generally believes that the rating results of CBR are superior to other domestic rating agencies in terms of discrimination, accuracy and stability, which has corrected the “distorted” credit rating of the market to a certain extent and suppressed the rating market bubble.

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《民众期货中英文评级技术宝典》PDF版

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