Some $1.3tn in Chinese corporate loans is “at risk” of turning bad, according to the IMF. But China’s top-10 Chinese credit rating agencies say everything is fine, the Financial Times reports. They have awarded an investment grade rating to 99.5% of all rated publicly-issued debt outstanding, according to data compiled by Wind Information, a data provider. This sends a signal to investors that all but a tiny number of the Rmb13.2tn ($2tn) in rated enterprise bonds, corporate bonds, medium-term notes and commercial paper are safe to hold — in spite of the surge in corporate defaults so far this year to triple the levels seen in the whole of 2015. A total of 17 bonds have defaulted so far this year, compared with six in 2015.