Standard & Poor's credit rating for China stands at A+ with stable outlook. Moody's credit rating for China was last set at A1 with stable outlook. Fitch's credit rating for China was last reported at A+ with stable outlook. DBRS's credit rating for China is A (high) with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of China thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for China as reported by major credit rating agencies.


AgencyRatingOutlookDate
DBRSA (high) Stable Nov 13 2020
DBRSA (high) Negative Mar 21 2019
S&PA+ Stable Sep 21 2017
Moody'sA1 Stable May 24 2017
S&PAA- Negative Mar 31 2016
Moody'sAa3 Negative Mar 02 2016
DBRSA (high) Stable Sep 29 2014
Moody'sAa3 Stable Apr 16 2013
S&PAA- Stable Dec 16 2010
Moody'sAa3 Positive Nov 11 2010
Moody'sA1 Positive Nov 09 2009
S&PA+ Stable Jul 31 2008
FitchA+ Stable Nov 05 2007
S&PA Positive Jul 26 2007
Moody'sA1 Stable Jul 26 2007
Moody'sA2 Positive May 30 2007
FitchA Positive Sep 13 2006
S&PA Stable Jul 27 2006
FitchA Stable Oct 16 2005
S&PA- Positive Jul 19 2005
S&PBBB+ Positive Feb 17 2004
Moody'sA2 Stable Oct 15 2003
FitchA- Positive Oct 13 2003
FitchA- Stable May 14 2003
S&PBBB Positive Apr 15 2003
Moody'sA3 Positive Nov 22 2002
Moody'sA3 Stable Aug 14 2001
FitchA- Stable Sep 21 2000
S&PBBB Stable Jul 20 1999
S&PBBB+ Negative Jul 16 1998
Moody'sA3 Negative Feb 19 1998
FitchA- N/A Dec 11 1997
S&PBBB+ Stable May 14 1997
Moody'sA3 Stable Sep 10 1993
S&PBBB Positive Jul 19 1993
S&PBBB Stable Feb 20 1992
Moody'sBaa1 Stable Nov 08 1989
Moody'sA3 Stable May 18 1988

 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 62
CCC+ B3 CCC 20
CCC+ Ca CCC CCC 15
B+ Ba3 B+ 14
BBB BB 52
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 48
BB- Ba3 42
B+ B2 B+ 33
BB- Ba3 BB- 40
B- Caa1 22
B B3 B 28
AA Aa3 AA- AA (high) 86
SD Caa3 9
B+ B1 B 31
A+ A2 N/A 78
B+ B2 B 31
B B3 27
BBB+ A3 67
BB- Ba2 BB- BB (low) 42
BBB Baa1 BBB 61
B 25
N/A B2 30
B- B2 B 28
AAA Aaa AA+ AAA 100
B- B- 27
Aa3 85
A A1 A- N/A 76
A+ A1 A+ A (high) 80
BB+ Baa2 BB+ BBB (low) 55
CCC+ Caa1 20
B B2 B 31
BBB- Ba1 BBB- 51
Caa2 15
BBB- Ba1 BBB- BBB (low) 51
AA- Aa3 AA- 83
AAA Aaa AAA AAA 100
BB- Ba3 BB- 40
B- Caa3 B- 20
B B2 B+ 30
B- Caa1 B- 25
AA- A1 AA- AA (low) 83
CCC+ Caa1 CCC 21
AA Aaa AAA AAA 98
B+ B1 37
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AA (high) 92
N/A Caa1 B- 23
BB Ba2 BB 45
AAA Aaa AAA AAA 100
B- B3 B 22
BB Ba3 BB BB 40
SD
BB- Ba1 BB- 43
BB- B1 35
AA+ Aa3 AA- 90
BBB Baa2 BBB 58
A A2 A 75
BBB- Baa3 BBB- BBB (low) 56
BBB Baa2 BBB 60
B- Caa1 B- 23
AA- A2 A+ A (high) 78
N/A Aa3 90
AA- A1 A+ 81
BBB Baa3 BBB- BBB (high) 61
BB- Ba3 BB- 38
B+ B2 B+ 33
A+ A1 A A (high) 77
B+ B1 BB- 36
BBB- Baa2 BBB 56
B B2 B+ 33
A+ A1 AA 85
NR B2 30
Caa2 CCC 20
A+ A3 A- A (low) 73
D C RD 11
B 30
AAA 100
A+ A2 A A 76
AAA Aaa AAA AAA 100
Aa3 AA 87
BB- BB+ 45
A- A3 BBB+ 70
Caa1 CCC 22
Caa1 20
A- A2 A+ A (high) 75
Baa2 65
BBB Baa1 BBB- BBB 60
B3 25
B B3 B 28
B B1 35
BBB- 55
BB+ Ba1 BB+ 51
CCC+ Caa2 CCC 14
Ba3 BB 45
AAA Aaa AAA AAA 100
AA+ Aaa AA 93
B- B3 B- 25
B3
B- B2 B 28
AAA Aaa AAA AAA 99
B+ Ba3 BB- 38
B- B3 B- 25
BBB Baa2 BBB- 58
B- B2 27
BB Ba1 BB+ 46
BBB+ Baa1 BBB N/A 63
BBB+ Baa2 BBB 61
A- A2 A- A 71
BBB Baa2 BBB BBB (high) 71
D 0
AA- Aa3 AA- 85
CCC+ Caa2 CCC 20
BBB- Baa3 BBB- 55
BBB- Baa3 BBB 55
B+ B2 B+ 33
BB+ 50
A- A1 A 75
B+ Ba3 37
BB+ Ba2 BB+ 46
B 35
AAA Aaa AAA AAA 98
A+ A2 A A (high) 76
AA- A3 A A (high) 75
Caa1 25
BB- Ba2 BB- 45
AA Aa2 AA- 86
A Baa1 A- A 71
CCC+ Caa1 CCC 20
B3 25
SD Caa3 RD 15
B3 30
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA Aa3 AA 86
B- B3 25
B2 35
BBB+ Baa1 BBB+ 65
B B3 30
BBB- Ba1 52
N/A Caa1 B- 26
B+ B2 BB- BB (high) 35
B+
B B2 B+ 31
B B3 B 28
AA Aa2 AA- 90
AA Aa3 AA- AA (high) 90
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
BB- B1 BB- 38
N/A C RD 11
BB Ba3 BB 43
SD Ca RD 30


Credit Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com