China Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
A1 Negative | A+ Stable | A Stable | A Stable | A Stable |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Apr 03, 2025 | Fitch | A+ | Negative | A | Stable | |
| Apr 09, 2024 | Fitch | A+ | Stable | A+ | Negative | |
| Dec 05, 2023 | Moody's | A1 | Stable | A1 | Negative | |
| Nov 09, 2023 | DBRS | A (high) | Negative | A | Stable | |
| May 05, 2023 | Scope Ratings | A+ | Negative | A | Stable | |
| Nov 10, 2022 | DBRS | A (high) | Stable | A (high) | Negative | |
| Jun 03, 2022 | Scope Ratings | A+ | Stable | A+ | Negative | |
| Jul 09, 2021 | Scope Ratings | A+ | Negative | A+ | Stable | |
| Nov 13, 2020 | DBRS | A (high) | Negative | A (high) | Stable | |
| Mar 21, 2019 | DBRS | A (high) | Stable | A (high) | Negative | |
| Sep 21, 2018 | Scope Ratings | A+ | Stable | A+ | Negative | |
| Sep 29, 2017 | Scope Ratings | NR | A+ | Stable | ||
| Sep 21, 2017 | S&P | AA- | Negative | A+ | Stable | |
| May 24, 2017 | Moody's | Aa3 | Negative | A1 | Stable | |
| Mar 31, 2016 | S&P | AA- | Stable | AA- | Negative | |
| Mar 02, 2016 | Moody's | Aa3 | Stable | Aa3 | Negative | |
| Sep 29, 2014 | DBRS | NR | A (high) | Stable | ||
| Apr 16, 2013 | Moody's | Aa3 | Positive | Aa3 | Stable | |
| Dec 16, 2010 | S&P | A+ | Stable | AA- | Stable | |
| Nov 11, 2010 | Moody's | A1 | Positive | Aa3 | Positive |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CCC | CC |
C | CCC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is China’s current credit rating?
China’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view China’s credit risk.
Has China’s credit rating changed recently?
This page lists the latest rating and outlook actions for China, showing when each agency last reviewed or changed its assessment.
Why does China’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence China's bond yields, currency, and equity flows as investors reassess risk.
How does China’s rating compare to other countries?
You can explore how China ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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