China Credit Rating

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.

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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 positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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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

Timetable of China credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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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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