On December 4th, according to the website of the Securities Association of China, the China Securities Association and the China Interbank Market Dealers Association summarized the business development, workforce situation, and self-discipline dynamics of 16 credit rating institutions in the bond market for the third quarter of 2024. In the third quarter, the rating agencies made 49 rating adjustments for 37 issuers, with 2 issuers placed on the credit rating watchlist, and 1 issuer removed from the watchlist. There were 23 positive adjustments, including 22 upgrades in rating level and 1 upgrade in outlook, all by 1 sub-level each; among the institutions, Zhongzheng Pengyuan, United Credit Rating, and Golden Credit Rating had a higher number of rating level upgrades, with 6, 5, and 4 respectively. There were 14 negative adjustments, including 9 downgrades in rating level and 5 downgrades in outlook; Dagong Global had a higher number of rating level downgrades with 4. In terms of adjustment magnitude, 6 issuers had downgrades of up to 2 sub-levels; United Credit Rating downgraded 1 issuer cumulatively by 7 sub-levels over the quarter, and Dagong Global downgraded 1 issuer by 11 sub-levels over six times within the quarter.