新世纪-主体信用等级向上迁移数量同比减少-2026年前三季度债券市场主体信用等级迁移研究

1主体信用等级向上迁移数量同比减少摘要：2026年前三季度全市场非金融企业主体和金融企业主体信用等级维债券主体信用等级迁移的研究对象为存续1的非金融企业所发债券（包括非主体信用等级。本期研究的基础数据来源于财汇资讯，统计期间为2包含超短期融资券、一般短期融资券、中期票据、定向工具PPN和项目收4包含公司债、可转换债券、可交换债券和私募5包含商业银行债、同业存单、大额存单和非2从等级迁移情况来看，2026年前三季度非金融企业主体各等级的维持率均期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)信用等级存续评级数量AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+及续评违约终止其它AAA156999.870.1381.33--1.0817.59AA+19440.8798.870.210.0564.76--1.8033.44AA15541.0998.260.390.1371.560.135.7322.59AA-22096.362.730.450.4572.27--14.5513.18A+7692.116.581.3275.00--11.8413.16A2580.0016.004.0064.00--28.008.00A-30.0040.0010.0010.0070.0010.0020.00--BBB+0----------BBB250.0050.00100.00------BBB-0----------BB+及6100.0033.3316.6733.3316.673期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)信用等级存续评级数量AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+及续评违约终止其它AAA122399.840.1683.891.2314.88AA+1.1798.560.2769.762.2527.99AA5651.9597.700.3568.856.1924.96AA-4100.0050.0050.00A+1100.00100.00A0A-0BBB+0BBB0BBB-0BB+及1100.00100.00期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)信用等级存续评级数量AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+及续评违约终止其它AAA123699.840.1685.281.0513.67AA+16400.9198.960.060.0666.591.7731.65AA1.3597.800.510.1770.110.175.5924.13AA-94.444.170.690.6974.3113.1912.50A+7491.896.761.3574.3212.1613.51A2580.0016.004.0064.0028.008.00A-30.0040.0010.0010.0070.0010.0020.00BBB+0BBB250.0050.00100.00BBB-0BB+及4100.0025.0025.0025.0025.004期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)信用等级存续评级数量AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+及续评违约终止其它AAA25299.600.4095.631.193.17AA+2810.7199.2991.461.427.12AA5750.3599.300.3587.835.226.96AA-79100.0068.3516.4615.19A+2100.00100.00A0A-0BBB+0BBB0BBB-0BB+及1100.00100.00和AA级；向下迁移4家，向下迁移率为0.76%，均为迁移1个子集，期初级别期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)信用等级存续评级数量AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+及续评违约终止其它AAA276100.0094.935.07AA+1.7498.2683.480.8715.65AA422.3897.6283.332.3814.29AA-42100.0090.482.387.14A+4292.867.1478.579.5211.90A785.7114.2957.1428.5714.29A-1100.00100.00BBB+1100.00100.00BBB1100.00100.005期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)BBB-0BB+及1100.00100.00 的主体合计2家，占比为4.35%（图表6）。向上迁移向下迁移BBB级及以下,AA,AA,48.65%51.35%4.35%4.35%A-,A-,13.04%10.87%A,13.04%AA,A,13.04%A+,A+,19.57%17.39%从发行主体类别来看，2026年前三季8分别为陕西西咸新区发展集团有限公司6向上迁移向下迁移银行,8.11%非银金融,10.81%公共融资,59.46%公共融资,59.46%21.62%银行,8.70%公共融资,10.87%工商,80.43%向上迁移制造,47.83%其他,制造,47.83%其他,综合,8.70%6.52%批发零售,6.52%金融,8.70%建筑,8.70%信息软件,13.04%其他,16.22%建筑,27.03%交运仓储,27.03%5.41%电热燃气,5.41%金融,租赁商服,租赁商服,27.03%注：其他类别里，向上迁移包括农林牧渔、房地产、科研技术、采矿、制造和水利环境行业，向下迁7发行主体。在迁移矩阵中，报告统计期间内全部有效级别被终止的发行主体为终止主体期初级别家数（家）AAA8.42%AA+3617.82%AA9044.55%AA-3316.34%A+6.44%A94.46%A-20.99%BBB+级及以下20.99%总计202100.00%终止主体类别家数（家）公共融资50.99%工商39.60%非银金融5.45%银行83.96%总计202100.00%82026年前三季度，新世纪评级非金融企业主体信用等级迁移矩阵中主体信期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)信用等级存续评级数量AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+及续评违约终止其它AAA251100.0064.940.8034.26AA+2550.7899.2247.840.7851.37AA98.541.4657.669.4932.85AA-9100.0055.5633.33A+5100.0060.0040.00A0A-1100.00100.00BBB+0BBB0BBB-0BB+及02026年前三季度，新世纪评级所评非金融企业债券债务融资工具和公司债9受取消债券强制评级影响，具有债项评级的债券数量占比较低，本期报告开始，新世纪评级9期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)信用等级存续评级数量AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+及续评违约终止其他AAA204100.0066.670.9832.35AA+1.2098.8052.410.6046.99AA6898.531.4755.8810.2933.82AA-0A+0A0A-0BBB+0BBB0BBB-0BB+及0期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)信用等级存续评级数量AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+及续评违约终止其他AAA213100.0065.730.4733.80AA+2190.4699.5450.680.9148.40AA98.171.8352.2911.0136.70AA-8100.0062.5012.5025.00A+5100.0060.0040.00A0A-1100.00100.00BBB+0BBB0BBB-0BB+及0期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)信用等级存续评级数量AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+及续评违约终止其他期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)AAA63100.0066.67----33.33AA+64100.0084.38----15.63AA53100.0075.47--16.987.55AA-1100.00------100.00A+0----------A0----------A-0----------BBB+0----------BBB0----------BBB-0----------BB+及0----------2026年前三季度，新世纪评级所评金融企业主体期初存续评级主体数量为期初级别（2025/12/31）期末级别（2026/9/30）期间评级情形（2025/12/31-2026/9/30)信用等级存续评级数量AAAAA+AAAA-A+AA-BBB+BBBBBB-BB+及续评违约终止其他AAA35100.0077.1422.86AA+9.0990.9163.649.0927.27AA4100.0050.0025.0025.00AA-1100.00100.00A+2100.0050.0050.00A1100.00100.00A-1100.00100.00BBB+0BBB0BBB-0BB+及04.2026年前三季度新世纪评级所评非金序号主体期初级别期末级别1AA+AAA2AA+AAA3AA+AAA4AA+AAAsti5AA+AAA6AA+AAA7AA+AAA8AA+AAA9AA+AAAAA+AAAAA+AAAAA+AAAstiAA+AAAAA+AAAAA+AAAAA+AAAAA+AAAAA+AAAAA+AAAAA+AA+AA+AA+AA+AA+AA+AA+AA+AA+AA+AA+AA+AA+AA+stiAA+AA+AA+sti序