China Bond Rating Co., Ltd. (CBR), established in 2010 under the guidance of the People's Bank of China and initiated by the National Association of Financial Market Institutional Investors (NAFMII), is an investor-pay model credit rating agency. CBR aims to enhance the credibility of the rating industry and promote risk prevention and healthy development of the bond market through innovation in the investor-pay model. Specializing in core rating services, CBR actively conducts credit ratings for both credit bonds and credit asset-backed securities, while expanding the application of the investor-pay model to broader scenarios such as risk pricing and bond indices. CBR is committed to contributing professional expertise to the stability of financial markets.

After 15 years of exploration and practice, CBR has built a leading, mature, and comprehensive rating technical system tailored to China's national conditions. CBR has achieved full coverage in ratings, demonstrating strong rating differentiation and early warning capabilities, and provides a market validation function for the bond market through its investor-pay ratings in various forms. Leveraging its deep rating expertise, CBR has developed a "value-based" valuation framework that combines transaction-driven analysis with fundamental credit assessment, aiming to provide diversified valuation references for the market. This framework effectively plays a functional role in risk pricing, supporting the improvement of the bond market's risk pricing mechanism and enhancing resource allocation efficiency. Based on its extensive data resources accumulated through operations and professional analytical capabilities, CBR continuously develops function-supporting data and information services. These include a full-chain service capability encompassing data analysis, model building, and related evaluation and assessment research, offering diversified data and information services to all market participants.