2012年上半年，债市跳跃式发展，为中国的评级业带来一个全新的增长机遇期。在自身企稳上升的同时，评级业谋求扩张的冲动开始释放。

In the first half of 2012，Bond market develop by leaps and bounds，For China's ratings to bring a new growth opportunity period。In their own stabilising rise at the same time，Ratings for expansion of the impulse to release。

　　在经历了三年的调研、申请和筹备之后，中诚信信用管理公司的香港分公司——中诚信亚太正式开业，标志着中国评级业在经历多番挫折后终于迈出了海外扩展的第一步。

After three years of research、After application and preparation，Honesty and credit management company's Hong Kong branch-asia-pacific officially opened its honesty，Marks China's ratings after repeated setback after finally took the first step of expanding abroad。

　　知情人士向本报透露，曾进军美国评级业受挫的大公国际资信评估公司正与一家中欧合资背景的并购基金合作，筹备欧洲办公室，计划下一步向欧洲进军。

People familiar with the revealed to our newspaper，CengJinJun American ratings frustrated dagong global credit rating company is a joint venture with the background of the merger of central fund cooperation，Preparations for the European office，Plan to Europe next march。

　　下一步东盟 The next step asean

　　谈起落足香港，中诚信首席执行官关敬如的言语中压抑不住兴奋，“这是一个充满挑战又顺理成章的过程。”三年前，中诚信就开始做主权评级业务、国际案例的研究和开发，尤其是调研香港市场。

Talk about fall foot Hong Kong，GuanJing such as chief executive of honesty in the words of depressive not excited，“This is a challenging and normal process。”Three years ago，Honesty and begin to do sovereign rating business、The case of the research and development，Especially the Hong Kong market research。

　　香港金融管理局年报显示，2011年在港发行的点心债券增加至1080亿人民币，是2010年发行额的三倍，而发债主体更加多元化，企业赴港发行数量增加，不再以政府和银行债券为主。

The Hong Kong monetary authority report shows，In Hong Kong in 2011 issue of the snack bonds increase to 108 billion RMB，In 2010 the circulation is three times as much，Translated more diversification and subject，Enterprises to increase the number of issued port，The government and the bank bond no longer give priority to。

　　2012年以来，人民币点心债券的需求依然旺盛。据wind资讯显示，截至2012年上半年，香港人民币点心债的发行金额为536.87亿元，基本与去年持平。

Since 2012，RMB bonds of demand remains robust snacks。According to the wind that information，By 2012 the first half of the year，The issuance of RMB bonds in Hong Kong snacks for the amount of $53.687 billion，Basic and flat last year。

　　但新发行的债券中，大约有四成的债券还没有评级。一位欧资银行的中国区债务总监表示，现在市场上的很多点心债根本就没有评级，比如大唐电力、中国重汽(000951,股吧)等，因为发债主体基本都是大国企，投资者都认可，不需要评级。小企业发债还比较少。

But the new issue of bonds，About forty percent of bond is not rating。A European capital of China bank debt director said，Now in the market a lot of snacks debt no rating，For example the datang power、CNHTC's(000951,Shares it)etc，Because the main body is translated basic state-owned enterprises，Investors have been recognized by，Don't need rating。Small businesses are translated less。

　　关敬如指出：“过去两年时间里人民币受到追捧，是因为人民币一直处在升值状态，市场供不应求，大家不在乎评级，都会买。但随着投资者的多元化，特别是公益基金、养老基金的加入，以及人民币升值预期的减弱，对评级的要求肯定是越来越高。这就是未来的市场。”

GuanJing such as pointed out that：“In the past two years the yuan adore，Because the yuan appreciation has been in the state，Market demand exceeds supply，You don't care about rating，Will buy。But with the diversification of investors，Especially the public welfare fund、Pension funds to join in，And the weakening of the RMB appreciation，The requirements for rating is certainly more and more high。That is the future of the market。”

　　相比于国内评级市场按主体评级10万元、债券评级15万元的标准收费，香港市场则类似欧美的收费标准，按融资规模进行收费，盈利空间更大。“保守计划三年达到盈亏平衡，第一年做市场的基本渗透，第二年会好一点，第三年争取做到盈亏平衡。”关敬如表示，虽然香港市场开拓的成本很高，但他并没有将资金成本看的很重。“现在的主要挑战还是如何应对国际的规范、如何和三大去正面竞争。”

When compared to the domestic market main body rating by rating 100000 yuan、Bond rating of 150000 yuan standard charge，The Hong Kong market is similar to Europe and America charging standards，According to the scale of financing charges，Profit space more big。“Conservative plans three years to achieve balance of profit and loss，The first year of the basic market penetration，The second annual meeting a little better，The third year to be best profit and loss balance。”GuanJing such as said，Although the cost of the Hong Kong market development is very high，But he didn't put money cost see very heavy。“Now the main challenge of how to deal with the international standard or、How to and three big to positive competition。”

　　但中诚信的目标显然不止于香港。“我们要伴随着人民币国际化走向国际。从香港开始，随后就是东盟十国。”关敬如说。

But the goal of honesty and apparently more than in Hong Kong。“We should accompany RMB internationalization to go into the international。From Hong Kong to，Then is Asian nations。”GuanJing such as said。

　　但现阶段，如何做大自身的业务规模还是最重要的问题。对于中国本土评级业来说，虽然存在历史已有三十年，但真正获得发展都是在2000年以后。在经历多年的“不赚钱”后，去年中诚信实现了2.7亿元的收入。

But at the moment，How to do big's business scale is still the most important problem。For our domestic ratings for example，Though there are history had 30 years，But the real to obtain development are in 2000 years。In the experience of many years“Don't make money”after，Last year the honesty and realize an income of 270 million yuan。

　　争相出海 Competing to go out to sea

　　有出海想法的，并不止中诚信一家。2010年，大公国际就曾向美国的监管机关申请成为官方认可的债券评级机构，但在经历一年多的申请后，美国证监会以“无法履行对大公的监管”为由，最终驳回了大公的申请。大公国际在此后的回应中表示，不会放弃对美国评级资质的申请。

The idea is out to sea，And more than one of honesty。2010 years，Dagong global had to American regulatory authorities applied to be accredited bond rating agencies，But after more than a year after the application，The securities to“Not to perform the archduke regulation”for，Ultimately rejected the archduke application。Dagong global after said in response，Won't give up on the rating of the qualification application。

　　事实上，大公一直在探索向海外市场进军的方式。据一位知情人士表示，一家中欧合资背景的并购基金正在帮助大公筹备欧洲办公室。这家基金拥有中欧双方的官方背景，对欧洲市场非常了解，大公希望借此机构开拓欧洲市场。

In fact，Archduke has been exploring to the overseas market way。According to a person familiar with the deal said，A joint venture of the background of the central European merger fund is helping archduke preparation for the European office。The fund has central Europe both sides of the official background，On the European market very well，Archduke hoping to institutions to tap the European market。

　　而据评级业内人士透露，在中诚信向香港提出申请时，大公也在做相应的筹备工作，并与香港的监管层有过接触。

And according to insiders revealed rating，Apply to Hong Kong in honesty，Archduke also doing the corresponding preparatory work，And the regulatory and Hong Kong have had contact with。

　　截稿时，大公国际宣传部并未回复本报就此发出的相关采访提纲。

entry，International propaganda department did not reply to our newspaper archduke in the interview a related outline。

　　大公国际在2010年发布了50个国家的主权信用评级报告，报告中给予中国AA+评级，美国AA评级，展望负面。四个月后，大公国际将美国本币及外币长期主权信用评级由AA调降至A+，并指出可能进一步下调美国评级。评级结果发布后，美国公债价格没有受到明显影响。

Archduke international released in 2010 50 national sovereignty credit rating report，Report to give China AA + rating，The AA rating，Looking to negative。Four months after，Dagong global currencies will the United States and foreign currency long-term sovereign credit rating by AA come down to A +，And points out that the United States may be further lowered rating。The ratings after release，The United States government bonds are not significantly affect the price。

　　要在标普、惠誉、穆迪三大评级巨头雄霸多年的评级体系中占据一席之地，并非易事。穆迪国际评级2011年年报显示，2011年其评级业务带来的收入达到15.69亿美元。其中非美地区收入就贡献了48%，全年收入达23亿美元。

In the s&p、Fitch ratings、Moody's three big rating giant rule years of play a rating system，Is not easy。Moody's international credit rating annual report 2011 shows，In 2011 its rating business brings income reached us $1.569 billion。The beauty of regional income is contributed to a 48%，Annual income of $2.3 billion。

　　前述欧资银行中国区债务总监认为，打破垄断需要一个较漫长的过程。现在国外的投资者普遍对三大评级机构比较了解，他们历史更长，在美元、国际债券的评级上都得到国际投资者的认可，而国内的评级机构要获得投资者的认同，还需要较长的时间。

The foregoing the endowment bank debt that national director，Break the monopoly need a more long process。Now foreign investors generally on the three rating agencies understand better，Their history longer，In dollars、International bond rating from international investors recognition，While the rating agencies to get the recognition of the investors，Need a long time。

　　一直强调“民族品牌”的大公评级CEO关建中曾多次强调要建立新的国际评级体系，他认为现存国际评级体系导致世界金融危机，要想恢复世界经济的增长，就必须重构国际评级体系。

Have stressed“National brand”The archduke rating CEO GuanJianZhong has repeatedly stressed the need to establish a new international rating system，He thinks that the existing international credit rating system in the world financial crisis，Want to restore the growth of the world economy，It must reconstruct international credit rating system。

　　关敬如则认为，目前中国评级业在走向国际化的过程中需解决几个问题。首先是自身实力太过弱小。评级业近几年才获得较大发展，和国内其他金融机构比，资金实力相差悬殊，更不用说和三大的体量相较。另一方面，中国评级业的评级理念与国际评级机构还有些差异。中国评级市场存在一些不良竞争的现象，表现在给予级别是有一定的弹性。这实际上是理念的差异。作为专家必须要中立客观，不能根据自己的立场来调整。

GuanJing such as that is，At present China ratings in the process of internationalization of some problems need to be solved。First is their own strength too weak。Ratings in recent years that it has a greater development，And the domestic financial institutions other than，Difference between financial strength，Not to mention and three big volume compared with。On the other hand，China's ratings of rating idea and international credit rating agency still have some differences。China has some bad rating market competition phenomenon，In performance to level are resilient。This is in fact the idea of differences。As experts must be neutral objective，Not according to its position to adjust。

　　国信证券分析师张旭在一份报告中称，各评级公司间的评级结果存在系统性差异。报告将7年期AAA级城投类企业债的发行利率按照评级公司进行分类，发现各公司所对应的票面利率均值也存在一定差异，且最大的两公司间均值相差约50bp，这反映出投资者同样认为不同评级公司间的信用级别存在差异。值得注意的是，中诚信、大公、鹏元、联合所对应的票面利率均值依次上升。

Securities analysts expressed zhang xu said in a report，The rating company of the ratings between a systematic difference in。The report will be seven 10-year AAA grade city of the issuance of the interest rates for QiYeZhai according to classification rating company，Find companies of the corresponding coupon rate average, there is some difference，And the biggest difference between the two company mean about 50 bp，This reflected the investors also argues that different rating company of differences between credit level。Note the，view-points、archduke、Peng yuan、With the corresponding coupon rate rise in turn mean。