Abstract:The global academia and industry communities have paid great attention to the country risk rating centering on sovereign credit due to the worldwide finance crisis caused by the US sub-prime crisis and European sovereign debt crisis.Developing domestic country risk rating system,mustering the power of discourse on rating,has become the important strategic selection of participating countries in mapping out international rules.This paper,firstly,gives a brief introduction to the country risk and the rating agencies of the existing international rating system,and then analyzes the existent problems of the international rating system and the present situation and the dilemma of country risk rating system in China.The authors suggest establishing a high-level third-party independent research institution in China,to conduct fundamental research on country risk rating theory and method,and to give priority to enhancing practice and exploration of country risk rating centering on sovereign credit.