The China Interbank Market Dealers Association issued a notice on further regulating matters relating to the credit rating of panda bonds. 1. Credit rating agencies that carry out panda bond business shall carry out rating work in strict accordance with the requirements of regulatory regulations and self-regulatory rules, and determine rating results in accordance with the principles of independence, objectivity, and prudence. 2. Credit rating agencies shall publish the definition of credit ratings and the mapping relationships with mainstream international credit ratings, and submit them to the Association of Dealers. 3. The Association of Dealers will step up self-regulatory management of the quality of credit ratings for panda bonds. Credit rating agencies that violate self-regulatory rules will adopt self-regulatory management measures or self-discipline sanctions depending on the severity of the circumstances. 4. This notice will take effect on August 1, 2026. For credit rating agencies that have not published a mapping relationship in accordance with the requirements of this notice, the Association of Dealers will no longer accept their credit rating reports as registration materials for panda bonds.

The China Interbank Market Dealers Association issued a notice on further regulating matters relating to the credit rating of panda bonds. 1. Credit rating agencies that carry out panda bond business shall carry out rating work in strict accordance with the requirements of regulatory regulations and self-regulatory rules, and determine rating results in accordance with the principles of independence, objectivity, and prudence. 2. Credit rating agencies shall publish the definition of credit ratings and the mapping relationships with mainstream international credit ratings, and submit them to the Association of Dealers. 3. The Association of Dealers will step up self-regulatory management of the quality of credit ratings for panda bonds. Credit rating agencies that violate self-regulatory rules will adopt self-regulatory management measures or self-discipline sanctions depending on the severity of the circumstances. 4. This notice will take effect on August 1, 2026. For credit rating agencies that have not published a mapping relationship in accordance with the requirements of this notice, the Association of Dealers will no longer accept their credit rating reports as registration materials for panda bonds.