The Research On Corporate Bond Credit Rating Is Based On The Perspective Of Special Steel Bond Default

China’s bond market has achieved rapid development in recent years,and at the same time,China’s credit rating business has also obtained a growing opportunity.With the continuous expansion of the scale of credit rating agencies,the healthy development of China’s financial market has been promoted to some extent.However,China’s credit rating industry is still in the early stage of development,and there are many problems,such as the supervision of multiple departments,the low level of institutional rating,the lack of independence,and the failure to establish a good reputation and social credibility.For the bond market,a sound credit rating can effectively identify and prevent credit risks.However,in recent years,there have been frequent bond defaults,and credit rating has not played its due role.Some bonds with high credit rating have even defaulted.In 2016,the northeast special steel bond default became the first local state-owned enterprise bond default.However,before the bond default,the main credit rating and long-term debt rating of northeast special steel given by the joint credit rating were both AA,while its own industry conditions and financial indicators had already exposed many problems.From the perspective of finance,industry and policy background,this paper finds that the credit rating of bonds is on the high side.From the point of the timeliness of a ratings downgrade,in reality there is the so-called pro-cyclical phenomenon,namely the bond issue after deteriorating situation,began to appear in the enterprise financial rating agency did not downgrade immediately,in financial continued to deteriorate,suddenly downgrade in a row,on special steel joint credit debt ratings before and after the default also exist this kind of problem;In addition,this paper also compared northeast special steel with other enterprises in the same industry,found that although these enterprises are by the joint credit rating,and their ratings are the same,but northeast special steel and other enterprises are far away from the financial,so there is a lack of differentiation in the rating of northeast special steel;Finally,through sorting out the background of the company’s shareholders,this paper finds that all the major shareholders have the background of the government,so the independence of the rating is also questioned.On this basis,this paper further analyzes the reasons for the problems in the northeast special steel rating from the external and internal.From the internal perspective,the lack of professional ethics,vicious competition among rating agencies and immature rating system are the main reasons for the existing problems in the rating of northeast special steel bonds.From an external perspective,the lack of unified supervision and the lack of sound laws are important factors.Therefore,this paper argues that in order to reduce the existing problems in debt rating and give full play to the guiding and improving role of credit rating in the bond market,it not only requires the joint efforts of investors,rating agencies and regulators,but more importantly,the relevant laws and regulations need to be improved.