Current China credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive China ability to honor its financial commitments.
The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of China, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.
The table below shows the current China credit ratings, according to the main rating agencies.
| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | A+ | - | 21 Sep 2017 | rating downgrade |
| Moody's Investors Service | A1 | negative | 5 Dec 2023 | outlook downgrade |
| Fitch Ratings | A+ | negative | 9 Apr 2024 | outlook downgrade |
| DBRS | A | - | 10 Nov 2023 | rating downgrade |
China: Long-term Rating Scales Comparison
China long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with China sovereign debt. These scales help investors understand the likelihood that China will meet its financial obligations.
Symbol means a negative outlook.
| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
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China Credit Ratings historical data
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 9 Apr 2024 | A+ | |||
| 5 Dec 2023 | A1 | |||
| 10 Nov 2023 | A | |||
| 11 Nov 2022 | A (high) | |||
| 15 Nov 2020 | A (high) | |||
| 22 Mar 2019 | A (high) | |||
| 21 Sep 2017 | A+ | |||
| 24 May 2017 | A1 | |||
| 31 Mar 2016 | AA- | |||
| 2 Mar 2016 | Aa3 | |||
| 29 Sep 2014 | A (high) | |||
| 16 Apr 2013 | Aa3 | |||
| 16 Dec 2010 | AA- | |||
| 11 Nov 2010 | Aa3 | |||
| 9 Nov 2009 | A1 | |||
| 31 Jul 2008 | A+ | |||
| 5 Nov 2007 | A+ | |||
| 26 Jul 2007 | A | A1 | ||
| 30 May 2007 | A2 | |||
| 13 Sep 2006 | A | |||
| 27 Jul 2006 | A | |||
| 16 Oct 2005 | A | |||
| 19 Jul 2005 | A- | |||
| 17 Feb 2004 | BBB+ | |||
| 15 Oct 2003 | A2 | |||
| 13 Oct 2003 | A- | |||
| 15 Apr 2003 | BBB | |||
| 22 Nov 2002 | A3 | |||
| 14 Aug 2001 | A3 | |||
| 20 Jul 1999 | BBB | |||
| 16 Jul 1998 | BBB+ | |||
| 19 Feb 1998 | A3 | |||
| 11 Dec 1997 | A- | |||
| 14 May 1997 | BBB+ | |||
| 10 Sep 1993 | A3 | |||
| 19 Jul 1993 | BBB | |||
| 20 Feb 1992 | BBB | |||
| 8 Nov 1989 | Baa1 | |||
| 18 May 1988 | A3 |
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