There is currently an issue with the bond rating mechanism in the game.
Posted: Mon Dec 29, 2025 9:53 am
The current bond rating system is entirely based on profits. If a company with assets worth hundreds of billions incurs a slight loss, its rating drops to C or below, while a company with assets worth only millions can immediately rise to an A rating as long as it is slightly profitable. I believe this is unreasonable. In reality, ratings are indeed related to profits, but they are even more closely tied to assets. You cannot expect a company with hundreds of billions in assets to have a lower rating than a company with only millions in assets, unless there is a significant difference in their profits. I think an asset coefficient should be introduced, combined with the existing profit coefficient, to determine the overall rating.
This issue can easily lead to arbitrage. For example, you could establish a subsidiary, which typically starts with a CC rating. After the subsidiary issues bonds, if it has no source of profit and still needs to pay interest, its rating will quickly drop to D, and the bond price will plunge by 40%. You can then directly purchase these bonds and net a 40% profit in just a few days. This is highly unrealistic.
Additionally, the current loan and bond limits in the game rely entirely on profits and total assets, which I find unrealistic. In reality, loans typically require collateral, and purely credit-based loans usually have lower limits. I believe 20% of the loan limit could be allocated to credit-based loans, while the remaining 80% should require land as collateral, which better reflects real-world practices. If you need a loan, you must have land as collateral, and this collateral cannot be sold unless the loan is fully repaid. Of course, this mechanism is quite complex, so I think it could be considered as part of a future DLC (for example, allowing company stocks to also serve as collateral).
This issue can easily lead to arbitrage. For example, you could establish a subsidiary, which typically starts with a CC rating. After the subsidiary issues bonds, if it has no source of profit and still needs to pay interest, its rating will quickly drop to D, and the bond price will plunge by 40%. You can then directly purchase these bonds and net a 40% profit in just a few days. This is highly unrealistic.
Additionally, the current loan and bond limits in the game rely entirely on profits and total assets, which I find unrealistic. In reality, loans typically require collateral, and purely credit-based loans usually have lower limits. I believe 20% of the loan limit could be allocated to credit-based loans, while the remaining 80% should require land as collateral, which better reflects real-world practices. If you need a loan, you must have land as collateral, and this collateral cannot be sold unless the loan is fully repaid. Of course, this mechanism is quite complex, so I think it could be considered as part of a future DLC (for example, allowing company stocks to also serve as collateral).