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All reporters: Song Ge All reporters interns: Xiao Shiqing All editors: Chen Xing
The subsequent impact of the tide of credit bond defaults continues. In addition to more problems exposed by bond issuers, problems with third-party rating agencies have gradually emerged.
On December 11, in order to further regulate the development of the credit rating industry, the central bank organized a symposium on the development of the credit rating industry. The meeting was chaired by Pan Gongsheng, a member of the central bank party committee and deputy governor. The meeting summarized the development of the credit rating industry in recent years and related topics, exchanged and learned the business development experience of international rating agencies, studied and discussed measures to further standardize the development of the credit rating industry. from China.
Pan Gongsheng pointed out that the credit rating is an important basic institutional arrangement of the bond market, which is related to the general situation of the healthy development of the capital market. In recent years, China’s rating industry has made great strides in unifying rules, improving supervision, and opening up to the outside world. However, there are also problems such as false high ratings, insufficient discrimination, and weak notice functions, which restrict the high-quality development of the China bond market.
The “Daily Economic News” reporter noted that there have been many defaults in the bond market recently. Brilliance, Yongmei and Ziguang have “exploded” one after another. Among them, there are many 3A rated bonds awarded by rating agencies.
CITIC Securities chief fixed income analyst said in an interview with all journalists: “In recent years, there has been a long-standing controversy about the phenomenon of inflated ratings, insufficient discrimination and weak early warning of risks. Recently, some companies with higher external ratings The issue of ratings of rating agencies exposed by default has brought public opinion to a climax, and the central bank symposium is also an oversight of the business of rating agencies “.
Mingming takes a closer look and notes that objectively speaking, since today’s conventional external review agencies are all issuer payment models, in the context of an imperfect firewall system or poor implementation, conflicts of interest are likely cause ruthless competition and also lead to high and false ratings in the market. foam.
At the meeting, Pan Gongsheng said that the rating industry should conscientiously summarize the experience and lessons, adhere to professional ethics, diligently and conscientiously, and strive to improve rating capabilities and improve rating quality. Regulators, issuers, investors and other parties should fulfill their responsibilities and jointly promote the healthy development of China’s rating industry.
Obviously, he believes that in the future development of China’s bond market, the status of the rating industry will become more and more important. Therefore, the development of the industry requires the joint efforts of multiple parties, especially the strengthening and improvement of the relevant supervision, the establishment of an orderly quality system, and even without excluding the introduction of double qualifications and reinforced supervision. can enable the healthy development of the ratings industry.
Pan Gongsheng stressed that the People’s Bank of China will work with the relevant departments to strengthen the supervision and management of the bond market rating industry, strengthen market discipline, promote the progress of China’s rating technology, improve quality. of ratings, improve the distinctness of credit ratings, further promote the unification of ratings oversight, and really give full play to rating agency bonds. The role of “gatekeeper” of the market promotes the healthy and high-quality development of the rating industry.
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