地方债券是地方政府根据本地区社会经济发展状况和资金短缺程度,在承担还本付息责任基础上发行的债务凭证。地方债券信用评级是对地方政府偿还债务能力和意愿的评价,对帮助投资人识别信用风险、健全地方债券市场、促进地方债券监管具有十分重要的作用。由于多种因素和条件的制约,目前我国还未对地方债券进行信用评级。2009年中央以“代发不代还”方式发行2000亿地方债后,社会对地方债券评级关注甚多,要求评级的呼声渐高。当前形势下,我国地方债发行是否具备开展信用评级的条件,如何更好发挥信用评级功能来完善 Local bonds are the debt certificates issued by local governments on the basis of assuming the responsibility for repayment of their principal and interest based on the social and economic development and the shortage of funds in the region. The credit rating of local bonds is an evaluation of the ability and willingness of local governments to pay off their debts. It plays an important role in helping investors identify credit risks, improve the local bond market and promote the supervision of local bonds. Due to various factors and conditions, at present, China has not yet conducted a credit rating on local bonds. After the central government issued 200 billion local debts in 2009 on behalf of the government, the society places a lot of concerns on the ratings of local bonds and calls for grading are getting louder. Under the current situation, whether the issuance of local government bonds in our country possesses the conditions for credit rating, how to give full play to the credit rating function to improve