如何突破熊猫债评级的难点?

A Look at the Difficulties in Rating Panda Bonds

本文通过对熊猫债产生背景、发展现状及评级情况多维度进行梳理,从风险特征、外部支持、评级操作等方面归纳出熊猫债评级的难点问题,最后从评级机构、监管方和市场参与方各层面对推动熊猫债评级进一步发展提出相应的政策建议。

This paper examines the panda bond market, assessing its background development status and ratings environment. It summarizes the difficulties of panda bond ratings from the aspect of risk characteristics, external support and the operation of the rating business It provides policy recommendations regarding rating agencies, as well as regulators and market participants.