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As a third-party institution for market risk disclosure, credit rating agencies should act as gatekeepers in the capital market. The improper arrangement and negligence of institutional arrangements make it possible for rating agencies to evade the burden of civil liability after multiple failures. By referring to the experience of western regulatory reforms and combining with the current status of China’s legislation, the responsibility of credit rating agencies is defined as expert responsibility, and the restoration, compensation and deterrence of civil liability mechanisms is brought into play, which is of significance in reducing the failure of assignable liability and protecting investors’ rights and interests. Keywords—Credit rating; Rating failure; Accountability; Expert responsibility

The Civil Liability of Credit Rating in China