债券信用评级与信用风险

Bond Rating and Credit Risk

债券信用评级是信用评级机构根据债券发行公司所处经济环境、行业特征、竞争形势、管理能力以及财务状况等多方面因素 ,使用一套科学的评级方法和技术评定 ,反映该债券违约可能性的符号级别 ,它有效地表示了债券的相对信用风险 ,为债券投资者提供了重要的投资决策参考。讨论了美国公司债券信用评级与债券信用风险的关系 ,对比分析了中美信用评级业的发展 ,以期使国内对信用评级有一个全面的认识 。

Credit rating is a risk grade, which credit rating institutions assign to bonds based on economic environments, industry characteristics, competitive situations, management abilities, and financial situations by using scientific rating methods and technologies. The risk grade effectively denotes the relative credit risk of bonds and can serve as references for investors in making investment decisions. This paper is divided in two sections: the first section discusses the relation between bonds' rating and their credit risk, and the second section analyzes the development of Chinese and American credit rating industries in order to make credit rating more clear to China and help develop our credit rating industry.