S&P Global (China) Ratings today published unsolicited rating reports on 25 Chinese issuers, aiming to bring more transparency into the local market by expanding our coverage and presenting more granular credit risk differentiation.

A commentary "Unsolicited Benchmark Ratings FAQ" has also been released to respond to questions market participants may have regarding this initiative.

The entities covered span more than 10 industries, including but not limited to real estate, transportation infrastructure (including local government financing vehicles), banks, insurance, securities firms, building materials and commodity chemicals. It consists of 19 corporates and 6 financial institutions. These entities are either benchmark credits in their respective sectors, or have business and financial risk profiles that are typical of their respective sectors. The entities were chosen to better demonstrate how S&P Global (China) Ratings’ methodologies are applied in different industries, and the analysis of these entities is expected to provide the market with the benchmark for assessing credit risk.

The rating results cover almost every rating from B_spc(u) to AAA_spc(u), demonstrating different levels of credit risk across the rating spectrum from S&P Global (China) Ratings. Amid ongoing regulatory efforts to promote the high-quality development of the domestic rating industry, the benchmark ratings have been released with the aim of contributing to the improvement of rating quality and credit risk differentiation in the industry.

我们认为，8月以来房地产政策的及时调整有助于遏制当下市场销售的下滑趋势。自7月末中央政治局会议定调“房地产市场供求关系已发生重大变化”后，多项房地产调整优化政策密集出台，包括降低首套及二套房首付比例、一线城市全面实行“认房不认贷”、存量房贷利率调整等。我们认为，“认房不认贷”等政策的落地能够切实释放部分刚需购房群体被抑制的需求，9月以来北京、上海二手房及新房市场活跃度明显上升。

On September 26, 2023, S&P Global (China) Ratings published its credit rating report on Kookmin Bank (China) Limited. Please click the link below to read.

欢迎点击下方链接下载资料。

标普信评评定渣打银行（中国）有限公司2023年第一期金融债券的债项信用等级为AAA_spc。

以下链接为相关债项信用等级通知全文。