The New Regulations on Credit Evaluation mainly put forward a total of 16 requirements for credit evaluation institutions, mainly focusing on five aspects: first, strengthen the construction of rating method system, improve rating quality and differentiation; The second is to improve the internal governance and internal control mechanism of credit rating agencies and adhere to the independence of rating; Third, strengthen information disclosure and market restraint mechanism; The fourth is to optimize the rating ecology and create a fair and just market environment; Fifth, strictly supervise and manage credit rating agencies and increase penalties.
The strange phenomenon of "high rating and high default"
It is noteworthy that on the basis of the Notice on Promoting the Healthy Development of the Credit Rating Industry in the Bond Market (Draft for Comment) issued in March this year, the new credit rating regulations received 96 opinions from 14 institutions and individuals during the consultation period, and 62 opinions were reasonably adopted, and the draft for comment was partially adjusted.
The reporter learned that the introduction of the "New Credit Rating Regulations" was mainly due to the frequent phenomenon of "high rating and high default". The credit rating results can not objectively reflect the real risks of enterprises and bonds, and the ratings of domestic bond issuers are generally significantly higher than the international level.
Wind data shows that as of August 6, 20021year, 84.38% of the bond issuing enterprises had a rating above AA, compared with 85.84% in the same period last year.
Previously, the "Exposure Draft" required that "credit rating agencies should build a rating quality verification mechanism with default rate as the core, formulate implementation plans, and gradually reduce the proportion of high-rated subjects to a reasonable range", which also triggered the upsurge of bond credit rating downgrade in the first half of this year.
Wind data shows that in the first half of 20021,a total of 2,686 bonds and 2 12 enterprises were downgraded, while in the first half of 2020, the number of bonds with subject ratings downgraded was 1902, and the number of enterprises with subject ratings downgraded was 100.
An industry credit evaluation expert told reporters that the current rating results can not clearly reflect the risks of bonds and enterprises. After the publication of the "Draft for Comment", some rating companies simply downgraded their rating results, blindly magnifying some problems existing in enterprises, resulting in "accidental injury", which made some enterprises lose their ability to raise funds in the capital market, further increasing the risk of bond default and affecting investment institutions holding bonds.
In the "New Regulations on Credit Evaluation" issued on August 6, the regulatory authorities adjusted the relevant statement to "Credit rating agencies should build a rating quality verification mechanism with default rate as the core for a long time, formulate an implementation plan, and establish and use a rating method system that can achieve reasonable differentiation before the end of 2022 to effectively improve the rating quality."
Start the retrospective inspection mechanism of rating agencies
Around the establishment of a differentiated rating method system, the New Regulations on Credit Evaluation has also made supporting policy guidance.
Relevant departments have absorbed the relevant opinions of "considering the situation that rating agencies adjust their credit rating by more than three sub-grades at one time under special circumstances", and put forward that "except for the adjustment of rating results caused by normal business activities such as mergers and acquisitions, separation, credit rating agencies should immediately start a comprehensive retrospective test".
According to industry insiders, starting the retrospective test of rating agencies will help to reflect the verifiability and predictability of rating results.
On the one hand, it is beneficial for rating companies to establish a reasonable rating method system and make the rating results more objective and transparent; On the other hand, it also provides reference for investment institutions to evaluate and select rating companies, which is conducive to guiding investors to pay for the relevant policies of rating agencies.
Investors pay for ratings or usher in spring.
In fact, in order to further strengthen the policy guidance of rating agencies that pay investors, the new credit rating regulations add the related expression "Continue to guide and expand the application scope of investor-paid rating. In the mechanism arrangement of bond valuation and pricing, bond index product development and pledged repurchase, we can refer to the results of investor-paid rating and choose investor-paid rating as internal control reference".
Liu Fanggen, general manager of the financial market department of China Construction Bank, once published a column, pointing out that the pricing function of rating results should be brought into play under the investor payment mode, which is relatively more objective. It is suggested to construct a special yield curve as the pricing basis according to the rating results under the investor payment mode.
Regulators will take the opportunity to adjust the threshold of investable bonds.
In addition, many parties have previously reported that the credit rating results are still the "threshold" for some bond issuance and investment rigid access.
In the draft for comments, we have paid attention to such problems. Among them, it is mentioned that "reducing the regulatory requirements for external ratings, adjusting the level threshold of various funds in regulatory policies in a timely manner, weakening the dependence of bond pledged repo on external ratings, and returning the dominance of rating demand to the market", which is also reflected in the new credit rating regulations issued this time.
According to the analysis of Guo Jin Securities, if the supervision can gradually reduce the requirements for external rating in the future, the scope of securities selection will be expanded, which will reduce the motivation of rating agencies to pursue false high ratings and improve the initiative of investment institutions in rating demand. In the future, China may gradually form a rating reference system combining "external rating+internal rating+third-party rating" to improve the authenticity and effectiveness of ratings.
It is reported that the "New Credit Rating Regulations" will be implemented on August 6, 2022, and there is still a one-year transition period for credit rating agencies and market players.
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