Credit rating agencies were operating in a fast-moving environment last year. Corporations were still adjusting to the series of interest rate hikes that began in 2022. Trends such as work-from-home have changed the dynamics of the commercial property market, and the low take-up of electric vehicles ( EVs ) has hit residual values. At the same time, there has been a backlash against sustainability in finance, leading rating agencies to re-assess their approach to presenting environmental, social and governance ( ESG ) factors. In the speculative-grade segment, easy credit conditions throughout the year allowed for heavy refinancing activity, but the maturity wall building for 2028 had to be closely monitored. All this presented multifarious challenges to rating agencies in their duty to guide investors and corporates in the capital markets, testing their resilience and innovative capacity, while opening opportunities for the most outstanding in the field to shine and grow the business.

It is in this context that we unveil the winners of The Asset Triple A Rating Agency of the Year Awards 2025.

The award for Asset-Backed Securities ( ABS ), Europe and North America, goes to Fitch Ratings. Fitch has traditionally counted ABS as one of its strongest areas, and over the past year, it provided investors with well-grounded thematic research in segments such as residential mortgage-backed securities, commercial mortgage-backed securities ( CMBS ), credit cards and auto loans. Given the fragile state of the economy in many European countries, keeping track of auto loan payment trends has been critical for investors – and even more so for EV residual values. The reluctance of workers to return to the office following the Covid lockdowns has caused disruption across the office segment, while online shopping continues to hit brick-and-mortar retail outlets.

Fitch has been notably ahead of the pack in its CMBS analysis. In 2024, there was the first principal loss on a CMBS AAA-rated tranche since the fallout from the 2008 global financial crisis, involving the Elizabeth Finance 2018 DAC deal backed by two loans to properties in Manchester and other UK cities. Fitch never rated this deal but nonetheless flagged at issuance ( back in 2018 ) the idiosyncratic risks presented by concentrated secondary quality asset financing, exacerbated by pro-rata principal paydown rules that applied when the smaller of the two loans backing the CMBS subsequently repaid. When the AAA-rated tranche defaulted in June of this year, Fitch clearly set out the history of the loans, and the structural features that investors should pay attention to going forward. This kind of unsolicited comment proved a valuable contribution for investors in CMBS tranches.

When the AAA-rated tranche defaulted in June of this year, Fitch clearly set out the history of the loans, and the structural features that investors should pay attention to going forward

Our winner in the Covered Bond Europe and North America category is Moody's Ratings, which has built up a dominant position in the global covered bond market, including many of the regular issuers from core European countries, plus jurisdictions such as Canada and Australia. Issuers and investors are still getting to grips with changes to national legislation necessitated by the EU Covered Bond Law, and there were a number of "debut" offerings last year, as banks issued under new programmes. This has required a steady flow of research to keep bond investors informed about the ( albeit often minor ) national differences within the overall EU framework, such as in Spain, where cedulas can be found in most covered bond portfolios.

Green and social issuance is on the rise, and in August, Moody's rated the fourth Social Pfandbrief from Berlin Hyp, which in 2024 became part of the LBBW Group. It also rated the debut Social European Covered Bond ( Premium ) from Banca Monte dei Paschi di Siena. Another highlight of the year was rating the debut offering of mortgage covered bonds issued by the new programme from Novo Banco in Portugal. Moody's has published a steady flow of thematic research, and hosts regular interactive webinars. During 2024, there was once again a sizeable supply of deals out of Canada into the euro benchmark market. Thematic research on LTV ( loan-to-value ) trends in Canadian residential mortgages and regional house price trends has been accompanied by clear explanations of the legislative covered bond framework in Canada, which is different from the dominant European issuers that are now governed by the national implementation of the EU Covered Bond Directive.

Private credit

The winner in the Private Credit Rating category is Morningstar DBRS. The boom in private credit ( broadly including direct lending to corporates, private placements, asset-based lending, and infrastructure ) provided an opportunity to build market share in a fast-moving segment where no credit rating agency had an entrenched position; DBRS has identified it as a priority for its ambitions in Europe. In particular, a growing number of European corporates have been raising debt in the US private placement market, where private ratings are required by insurance company investors. Data centres and structured deals for football stadium infrastructure are two other segments where private credit has been widely used. The ratings on the Morningstar DBRS Private Ratings Hub are, by their very nature, confidential, but details of specific deals are sometimes highlighted by the sponsors. Last November, XpFibre, the largest independent fiber-to-the-home operator in France ( owned by Altice, OMERS, Allianz and AXA IM Alts ), closed a €5.8 billion ( US$6.04 billion ) debt refinancing under a new common term secured debt platform that includes bank facilities and institutional private placement notes. The €1.2 billion US and European private placement notes, and the term bank debt, were rated investment-grade by DBRS and S&P Global Ratings. The credit rating agencies worked closely with major private equity firms, not only on debt funds, but also on their portfolio companies, and DBRS has a number of public ratings for private credit funds or business development companies ( BDCs ) from Apollo and Blackstone. The Morningstar Group also owns private capital markets data provider Pitchbook.

The award for ESG Factors in Credit, Europe & North America, goes to KBRA, as it did last year. Over the past several years, while including ESG factor ratings became common across the industry, KBRA remained an outlier in strongly arguing against what it saw as a tendency to blur the line between ESG and credit. Last year saw an acceleration of finance industry pushback against ESG scores, and even some rival rating agencies have noted that the ESG hype is receding. The KBRA position has remained unchanged despite the intensifying narrative that mixing ESG factors into credit considerations undermines the focus on credit risk, and causes confusion among investors ( some rating agencies even released ESG evaluations with the disclaimer "this product is not a credit rating" ). Through all this market upheaval, KBRA has insisted that ESG considerations have an impact that should always be taken into account in the rating process. These include global trends in hurricane damage ( E ) or reputational damage which could impact sales ( S ). Rapidly evolving market practices, along with regulatory developments in the EU, are changing the ESG landscape. Terminologies, too, are changing, and in some cases, the term “ESG” itself is being viewed by some rating agencies as having negative connotations. But KBRA has stuck to its guns.

Last year saw an acceleration of finance industry pushback against ESG scores, and even some rival rating agencies have noted that the ESG hype is receding

The winner in the Speculative Grade category is S&P Global Ratings, which for many years has maintained a very strong global presence in this segment dominated by issuance in the US high-yield bond market. Over the course of 2024, investors relied on both rating reviews and thematic research to keep up with fast-moving developments. The long series of rate hikes beginning in March 2022 had left lower-rated companies feeling the squeeze, but rates were finally cut in September 2024. S&P Credit Trends Research provides a detailed look at speculative-grade companies' vulnerability to a swelling debt maturity wall in the coming years. Issuance spiked in 2020, when companies took advantage of near-zero interest rates to take on debt in the early phases of the pandemic. Companies rated below BBB- reduced the load of debt maturing in 2025 by more than US$180 billion over the past year, according to S&P estimates, taking advantage of an ample supply of credit to get ahead of upcoming maturities. But the market is still facing over a trillion dollars of speculative-grade maturities in 2028, and bond investors will be following S&P‘s sectoral research closely in an increasingly uncertain environment.

Asia-Pacific

Over in Asia-Pacific, sovereign ratings were generally steady in 2024, particularly in the investment grade sector, with the rating agencies affirming the ratings, among others, of India, South Korea, Singapore, New Zealand, Thailand, Indonesia, and the Philippines. It was in the high-yield space where action was most notable. Fitch ended 2024 raising Sri Lanka’s rating to CCC in December from restricted default as the risk of another default on local-currency debt has been reduced by the completion of the international sovereign bond restructuring and an improved outlook for macroeconomic indicators.

The risk of another default on local-currency debt in Sri Lanka has been reduced by the completion of the international sovereign bond restructuring and an improved outlook for macroeconomic indicators

In September, Fitch raised Mongolia’s rating from B to B+ with stable outlook. The upgrade reflected the reductions in Mongolia’s public and external debt burdens, driven by the continued strong performance of the country’s mining sector, both well in excess of Fitch's previous forecasts. Larger foreign exchange reserves, lower debt and more manageable external debt maturities have strengthened Mongolia’s ability to withstand shocks, such as a correction in commodity markets.

Also securing a rating upgrade from Fitch is Pakistan, which was raised from CCC to CCC+ in July. The upgrade reflected the greater certainty over the continued availability of external funding; Pakistan reached a staff-level agreement ( SLA ) with the International Monetary Fund ( IMF ) on a new 37-month US$7 billion extended fund facility ( EFF ).

Moody’s also raised Pakistan’s rating in August from Caa3 to Caa2 and changed its outlook from stable to positive. It cited the country’s improving macroeconomic conditions and moderately better government liquidity and external positions – from very weak levels – adding that there is now greater certainty on its sources of external financing following the SLA with the IMF.

On the other hand, Fitch in May 2024 downgraded Bangladesh’s rating from BB- to B+, reflecting the sustained weakening of the country’s external buffers, which might be hard to reverse despite recent policy reforms, leaving it more vulnerable to external shocks. It noted that FX reserves were down substantially due to continued FX interventions, capital outflows, and persistent use of informal channels for remittances.

Moody’s also downgraded Bangladesh’s rating in November 2024 from B1 to B2 and changed its outlook from stable to negative. It cited heightened political risks and lower growth, which elevated government liquidity risks, external vulnerabilities, and banking sector risks on the back of political and social unrest that led to a change in government.

Maldives saw its rating downgraded twice by Fitch in 2024 – first in June from B- to CCC+ and later in August to CC, reflecting its assessment that intensified pressures from the country’s deteriorating external financing and liquidity metrics have made a default event more likely within the rating horizon. This is underscored by the material decline in FX buffers, along with higher external debt service and limited external financing inflows.

Moody’s likewise lowered its rating on Maldives in September from Caa1 to Caa2 and placed the rating under review for downgrade. The rating agency noted that default risks have risen materially, as foreign exchange reserves – even inclusive of assets held in the Sovereign Development Fund – have remained low with prospects for a sharp recovery relatively dim.

In a widely discussed rating action, Fitch revised China’s outlook in April 2024 from stable to negative and affirmed its issuer default rating at A+. The revision reflected the increasing risks to China’s public finance outlook as the country contends with more uncertain economic prospects amid a transition away from property-reliant growth to what the government views as a more sustainable growth model.

Meanwhile, Fitch assigned Nepal its first-ever sovereign credit rating of BB- in November 2024 with stable outlook. The rating, according to Fitch, reflects Nepal’s low and highly concessional government and external debt burdens, strong external liquidity, and solid growth prospects underpinned by the hydropower sector.

With such a level of rating actions across different jurisdictions, Fitch is voted for the eighth year in a row as the Sovereign Rating Agency of the Year in 2025.

Sustainable finance

With the rebound in the G3 bond issuance in 2024 in Asia, outside of Japan and Australasia, the deal flows in ESG-related debts also went up. A plethora of green, social, sustainability, sustainability-linked, and blue bonds came to the market. Once again, Moody’s stood out from the crowd to retain the accolade as the Sustainable Finance Rating Agency of the Year in 2025. Several issuers accessed the market with a single rating from Moody’s, including Rizal Commercial Banking Corporation ( RCBC ) of the Philippines, which raised in January 2024 US$400 million worth of sustainability bonds. Also in January, SK Battery America printed a US$500 million green bond solely rated by Moody’s.

ICBC ( Hong Kong ) and ICBC ( London ) priced in May carbon-neutrality-themed green bonds amounting to US$1 billion and €300 million, respectively, each with a single rating of A1 from Moody’s. Other solely rated green bond transactions by Moody’s in 2024 included those for CapitaLand Ascendas Reit ( S$300 million or around US$223 million ), CMB Financial Leasing ( US$500 million ), Agricultural Bank of China ( Hong Kong ) ( 2 billion yuan or around US$275 million ), Swire Properties ( 1.75 billion yuan ), and China Merchants Bank ( Sydney ) ( US$400 million )

Other ESG-labelled bond transactions that carried only Moody’s rating included the social bonds for China Merchants Bank ( New York ) amounting to US$300 million, the 2 billion yuan blue bond for China Construction Bank ( London ), the US$145 million sustainability bond for Bayfront Infrastructure Capital, and the US$300 million sustainability bond for Philippine National Bank ( PNB ).

Moody’s also rated other landmark sustainable finance deals, together with the other rating agencies such as the 2.5 billion yuan SGS bond offering by Bank of China ( Frankfurt ), whose proceeds were earmarked to finance or refinance sustainability-linked loans ( SLLs ), green loans, and social loans simultaneously.

In another Bank of China deal, Moody’s rated the US$940 million equivalent dual-currency Belt and Road Initiative ( BRI ) Partner sustainability notes, which was the first of its kind in the world issued through the bank’s branches in Macau ( 1 billion yuan ), Hungary ( US$500 million ), and Panama ( US$300 million ).

Moody’s also rated the first biodiversity and nature-themed bond by the Asian Development Bank amounting to A$150 million ( US$94.30 million ), with the proceeds earmarked for projects aimed at nature-based solutions, such as the projects for reconstruction of water structures with heritage value incorporating nature-based solutions to improve climate resilience in India. They were also utilized for projects designed to improve the ecological systems and rehabilitation of environmental infrastructure, such as wetlands and detention basins, in China.

The upward trajectory in the issuance of ESG-related debts has driven increased coverage for these types of transactions to address the demand of issuers and investors. And this is where Sustainable Fitch stood out as it evolved from offering sustainable finance research materials to providing a full suite of ESG analytical products. It is voted as the ESG Rating Agency of the Year in 2025 for the sixth year in a row.

The upward trajectory in the issuance of ESG-related debts has driven increased coverage for these types of transactions to address the demand of issuers and investors

The dedicated ESG research team of Sustainable Fitch provides global coverage of thematic and cross-sector ESG issues. The team also provides specialist input and guidance on ESG-related research for different analytical teams of the Fitch Group. In November 2024, Sustainable Fitch announced the launch of an expanded transition assessment analytical product through the development of new sector-specific methodologies covering additional hard-to-abate sectors: mining, steel and cement. This is in addition to the transition assessment covering energy – oil & gas and power generation.

The assessment helps companies and investors to benchmark and differentiate between companies on their progress towards net zero using a transparent methodology, with consistent and comparable scoring and indicators. In developing the new methodologies, Sustainable Fitch has applied sector-specific emission pathways and decarbonization considerations for mining, steel and cement.

Sustainable Fitch provides second-party opinion ( SPO ) to assess the alignment of a debt instrument framework with the accepted market principles, backed by its rigorous analysis, thus effectively highlighting a transaction’s ESG value to key stakeholders. In 2024, it further explored the market of Southeast Asia and published the first SPO for a Vietnamese multi-sectoral corporation with more than 30 subsidiaries operating both locally and globally. In another SPO provided to a Singapore real estate developer, Sustainable Fitch set up a benchmark table to assess the alignment of the bond’s information with Singapore-Asia taxonomy – a first of its kind in the market.

Public finance

Fitch continues to command the largest market share in China’s local government financing vehicle ( LGFV ) sector as it secures once again the Public Finance Rating Agency of the Year for 2025. It is the first international credit agency to introduce a new analytical tool for the Chinese public sector and published the Fitch Analytical Comparative Tool for Chinese local governments and LGFVs in April 2024 covering the first quarter of the year. It stands out for its differentiated ESG methodology – being the only agency with a credit-focused approach.

Fitch was the agency of choice for Chinese public finance debut issuers in 2024, such as Wuxi Communications, which printed a €350 million deal, Jingzhou Municipal Urban Development Holding Group ( 2.5 billion yuan ), Luoyang Guosheng Investment Holding Group ( 500 million yuan ), and Wuhan Financial Holding ( US$450 million ).

Fitch was also involved in providing comprehensive rating services to Chinese public finance issuers covering entity rating, issuance rating, and second-party opinion for the likes of Zhongyuan Yuzi Investment Holding Group amounting to US$500 million, Taizhou Urban Construction and Investment Development ( US$500 million ), Zhengzhou Metro ( US$500 million ), Science City ( Guangzhou ) Investment Group Company ( US$500 million ), and Henan Investment Group Company ( US$345 million ),

For the eighth consecutive year, the award for Financial Institution Rating Agency of the Year in 2025 is given to Moody’s as it continued to bring several solely-rated deals into the market, including those of Chinese banks that were denominated either in US dollar or renminbi – ICBC ( Hong Kong ), ICBC ( London ), Agricultural Bank of China ( Hong Kong ), China Merchants Bank ( Sydney ), China Merchants Bank ( New York ), and China Construction Bank ( London ).

Two Philippine banks – RCBC and PNB – also printed their US dollar sustainability bonds with only a Moody’s rating. Three other Philippine lenders, Metropolitan Bank & Trust Company ( Metrobank ), Bank of the Philippine Islands ( BPI ), and Security Bank Corporation, accessed the US dollar bond market with plain vanilla deals rated solely by Moody’s. These deals, as well as Moody’s participation in rating the two sovereign deals that included sustainability tranches printed in May and August, enabled Moody’s to win the Rating Agency of the Year – Philippines in 2025.

Moody’s was also involved in rating other ESG-labelled bonds with other rating agencies such as the sustainability bond by Woori Bank amounting to US$300 million, and social bonds by NongHyup Bank ( US$600 million ), Industrial Bank of Korea ( US$800 million ), and Shinhan Bank ( US$500 million ). It also rated the A$400 million healthcare social Kangaroo bond by Shinhan priced in November.

Other plain vanilla bond transactions by banks in 2024 that were rated only by Moody’s included Shanghai Pudong Development Bank ( Hong Kong ) amounting to US$300 million, and Bank of Communications ( Hong Kong ) on its triple-tranche offerings ( renminbi, Hong Kong dollar and US dollar ) in July 2024.

The Asset is launching a new award category this year – the Non-Bank Financial Institution ( NBFI ) Rating Agency of the Year – with Fitch as the inaugural winner. It solely rated the US$300 million social bond by Indian Vehicle Finance, the US$1.2 billion dual-tranche offering by CICC Hong Kong Finance, the US$300 million trade by Tianfeng Securities, and the US$500 million deal by AVIC International Leasing.

Fitch was also involved in several large bond transactions, including the US$1 billion dual-tranche issuance by Hyundai Capital Services, the US$750 million social bond by Shriram Finance, the US$300 million deal by Manappuram Finance, as well as in the bond deals by insurance companies such as Cathay Life Insurance ( US$320 million ), Nan Shan Life Insurance ( US$700 million ), and Cathay Life Singapore ( US$600 million ).

In addition, Fitch assigned first-time ratings to a number of NBFI issuers, including China Industrial Securities International ( BBB ), Hua Nan Securities ( AA+ ), Generali Life ( Hong Kong ) ( A ), and Tata Capital ( BBB- ).

The Asset is launching a new award category this year – the Non-Bank Financial Institution ( NBFI ) Rating Agency of the Year – with Fitch as the inaugural winner

Corporate credit

Moody’s repeats as the winner of the Corporate Rating Agency of the Year in 2025. Despite the difficult market environment in 2024, a number of corporates tapped the offshore bond market with the rating coming solely from Moody’s and successfully printed their deals in the process. These included CapitaLand Ascendas Reit, which priced a green bond amounting to S$300 million ( US$222 million ). Swire Properties raised a total of 3.5 billion yuan, including a green bond tranche amounting to 1.75 billion yuan, while SK Battery America did a US$500 million green bond trade.

Another corporate bond deal solely rated by Moody’s was the US$500 million perpetual securities by China Huaneng Group, the first US dollar-denominated perpetual bond issued by a Chinese state-owned enterprise since 2022.

Moody’s likewise assigned first-time ratings to several corporates, such as PT Sarana Multi-Infrastruktur of Indonesia, which secured a Baa2 rating. From China, ANTA Sports was rated A3, while Weihai City Investment was assigned a Baa3 rating. Two South Korean companies, Samsung E&A and POSCO International, also secured first-time ratings from Moody’s of Baa1 and Baa2, respectively.

Moody’s also initiated rating actions on various corporates, both in the investment-grade and high-yield space. Notwithstanding the challenges confronting the Chinese economy, a number of leading Chinese corporates secured rating upgrades as they exemplified the strength of their franchise in the face of market uncertainties. Among the investment-grade-rated Chinese corporates that secured higher ratings from Moody’s in 2024 included State Power Investment Corporation ( from A2 to A1 ), JD.com ( from Baa1 to A3 ), Meituan ( from Baa3 to Baa2 ), and Contemporary Amperex Technology ( from Baa1 to A3 ).

Notwithstanding the challenges confronting the Chinese economy, a number of leading Chinese corporates secured rating upgrades as they exemplified the strength of their franchise in the face of market uncertainties

Several high-yield corporates also saw their ratings upgraded by Moody’s, such as Vedanta, whose rating was raised twice – first to B3 in October and then to B2 in November, driven by the company’s efforts to access funding and on the back of its successful liability management exercises. The upgrades followed a rating downgrade to Caa3 in January.  Indonesian high-yield corporates also secured higher ratings from Moody’s such as Lippo Malls Indonesia Retail Trust ( from Caa3 to B3 ), Lippo Karawaci ( from Caa1 to B3 ), Gajah Tunggal ( from B3 to B2 ), and Alam Sutera ( from Caa1 to B3 ).

Meanwhile, a number of Chinese property companies saw their ratings downgraded further by Moody’s in 2024, including Longfor Properties which was downgraded twice, Agile Group Holdings, China Overseas Land and Investment, and China Vanke Company. Also downgraded twice by Moody’s in 2024 was West China Cement.

Demonstrating its leadership in covering top-tier credits in different sectors ranging from sovereigns to corporates, financial institutions and public finance from across the region, Fitch retains the honour as the Investment Grade Rating Agency of the Year in 2025. It solely rated the bonds of investment-grade issuers such as CICC Hong Kong Finance in January ( US$1.2 billion ), AVIC International Leasing in March ( US$500 million ), and PT Bank KB Bukopin in October ( US$300 million ).

Fitch remains the sole rating agency for all of Housing and Development Board’s issuances in 2024, totalling S$5.57 billion across seven transactions. It rated the first digitally native notes ( DNN ) issued by Asian Infrastructure Investment Bank – the first time an Asian issuer issued on Euroclear’s digital financial market infrastructure and the first DNN held in Hong Kong Monetary Authority’s Central Moneymarkets Unit.

Fitch assigned first-time investment-grade ratings to numerous inaugural and prospective issuers. From China, the list included Henan Railway Construction and Investment Group ( A ) and Weibo Corporation ( BBB ), while from India, Fitch assigned first-time ratings to Larsen & Toubro ( BBB+ ), Tata Capital ( BBB- ), and Bank Maharashtra ( BBB- ). Others that secured first-time ratings from Fitch in 2024 included Taiwan Power Company ( AA ), PTT Global Chemical PCL of Thailand ( BBB ), Lotte Rental Company of South Korea ( BBB- ), and PT Pertamina Gas of Indonesia ( AA ).

Fitch also became the international rating agency to develop rating criteria for subscription finance and the first to issue a primer on subscription finance facility securitization. The agency is also the first to incorporate support in its rating drivers for non-bank financial institutions, which has since become the industry benchmark.

High yield

In a very competitive category, Moody’s emerged as the winner of the High Yield Rating Agency of the Year. It maintains a high degree of commitment to covering this credit space with its market outreach and thought leadership that proved pivotal in maintaining market relevance and impact. In 2024, Moody’s made its presence felt in the NBFI sector in India, whose issuers dominated the high-yield deal flows from this region during the year. For years, it had a lower coverage of this sector, but last year it went out to the market with a refreshed multi-pronged outreach strategy that included publishing thought leadership reports, hosting impactful investor meetings, webinars, and conferences, as well as conducting rating transparency meetings with potential issuers. Moody’s assigned a first-time rating of Ba3 to Piramal Capital and Housing Finance and rated its US$300 million sustainability bond in July.

Elsewhere in the region, Moody’s has undertaken a number of rating actions as it keeps the credit pulse in the high-yield space. In Indonesia, it raised the ratings of such high issuers as Lippo Malls Indonesia Retail Trust to B3 ( from Caa3 ), Lippo Karawaci to B3 ( from Caa1 ), Gajah Tunggal to B2 ( from B3 ) and Alam Sutera to B3 ( from Caa1 ).

Meanwhile, a number of Chinese property companies saw their ratings downgraded further by Moody’s in 2024, including Longfor Properties which was downgraded twice, Agile Group Holdings, China Overseas Land and Investment, and China Vanke Company. Also downgraded twice by Moody’s in 2024 was West China Cement.

In another repeat win for Moody’s, it is again voted as the Structured Finance Rating Agency of the Year in 2025. It solely rated the second infrastructure loan-backed securities ( ILBS ) issued by Hong Kong Mortgage Corporation in August 2024 amounting to US$423.3 million. In total, five classes of notes were issued – all of which were rated investment grade – with a sustainability tranche amounting US$107 million rated Aaa by Moody’s. The US$508.3 million infrastructure asset-backed securities ( IABS ) issued by Bayfront Infrastructure Capital V Pte Ltd were also solely rated by Moody’s. The IABS issuance has the largest share of sustainable assets to-date with an initial aggregate principal balance of US$218.4 million of eligible green and social assets – constituting 43% of the portfolio under Bayfront’s sustainable finance framework.

Moody’s solely rated the second infrastructure loan-backed securities issued by Hong Kong Mortgage Corporation in August 2024 amounting to US$423.3 million

Another deal rated only by Moody’s was the US$300 million asset-backed securities ( ABS ) originated by Lotte Card in May 2024, which was backed by a portfolio of high-quality credit card receivables. The ABS represents Lotte Card’s first transaction to include a card loan product, which paved the way for future transactions and served as a benchmark for other Korean credit card issuers.

Moody’s was also involved in rating the social covered bond by Korea Housing Finance Corporation in March 2024 amounting to €500 million and in the €500 million covered bond by Maybank Singapore – the first-ever such transaction by a Malaysian-owned bank. Moody’s likewise participated in rating two covered bonds printed by Shinhan Bank in 2024 – the first one in January, a green covered bond amounting to €500 million, and the second one in October, a Formosa green covered bond amounting to US$400 million.

Country winners

By country, other winners apart from Moody’s in the Philippines, include Credit Rating Information and Services Limited ( CRISL ), which retains the Rating Agency of the Year in 2025 – Bangladesh. In a year beset with challenging economic conditionw on the back of political unrest and tensions in the Middle East that fuelled volatility in the foreign exchange and commodity markets, CRISL noted a 29.4% decline to 9,206 in the number of rating actions undertaken in the first 10 months of 2024 compared to 13,034 a year ago. Majority of the declines were noted in the SME sector.

CRISL upgraded a total of 234 ratings under different sectors during the 10-month period on the back of company fundamentals, expansion plans, future cash flows, and business prospects, while 171 rating downgrades were taken due to deterioration in company fundamentals, weak cash flow, as well as operational and business risks.

As a rating agency, CRISL has separate rating methodologies for various economic sectors, which are regularly reviewed as required under Credit Rating Companies Rule 2022 and in line with international best practices. Its methodologies encompass all critical rating factors and yardsticks that contribute towards meaningful rating actions.

Fitch is chosen as the Rating Agency of the Year – China. Its call changing China’s rating outlook from stable to negative attracted a lot of discussion about the sovereign credit. In addition to commanding the largest market share in China’s LGFV sector, it solely rated a number of ESG-related bond deals, such as the US$300 million sustainability bond by Nanning Communications Investment Group Company, the 800 million yuan social bond by Shanghai Lingang Economic Development ( Group ), and the US$300 million green bond by Power Construction Corporation of China.

CSPI retains the award as the Public Finance Rating Agency of the Year in 2025 – China. It continues to uphold its commitment to delivering high-quality credit assessments, combining its global expertise and local insights into China’s credit market to provide accurate and independent credit ratings to investors and other market participants.

CSPI continues to uphold its commitment to delivering high-quality credit assessments, combining its global expertise and local insights into China’s credit market to provide accurate and independent credit ratings

In a manifestation of its rating quality, CSPI did not suffer any default in its rating portfolio amid the rising default cases in China in recent years, illustrating its prudent stance and capability in credit risk identification. In 2024, CSPI expanded its global presence, building on its strong performance in sovereign ratings and initiatives in BRICS countries.

S&P Global Ratings is voted as the Rating Agency of the Year – India, on the back of its active participation in bringing Indian issuers to the bond market as a solely rated transaction, such as the US$350 million social bond by Indiabulls Housing Finance and the two deals by Vedanta Resources amounting to US$900 million in September and US$300 million in October. It was also involved in the company’s third bond deal in 2024 – a US$800 million dual-tranche issuance in November. S&P Global likewise brought into the market a new bond by Biocon Biologics amounting to US$800 million, and the two social bonds by Shriram Finance amounting to US$750 million in January and US$500 million in September.

In Thailand, the Rating Agency of the Year award goes to Fitch, which was involved in bond deals guaranteed by Credit Guarantee & Investment Facility, a trust fund of the Asian Development Bank. These included the 1.96 billion baht ( US$58.2 million ) offering by Vongsayam Korsang Company and the 1.7 billion baht dual-tranche issuance by Thonburi Healthcare Group. Fitch also rated the 6 billion baht sustainability bond by Government Housing Bank and the 25 billion baht multi-tranche bond offering by Advanced Info Services PCL.

To see the full list of winners please go here.

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