Bond issuance, the first phase rating is AA, if the second phase is to be issued, should it be re-rated?

It must be re-rated. Although the main body of the company is the same, because the bonds issued do not belong to the same term, many times the terms and collateral of bonds with different terms have different substantive changes, which will affect the rating of bonds to a greater or lesser extent, and the same bond must be followed up regularly after issuance. The most important thing is the rating agency's evaluation of the issuer's debt repayment and the company's operating environment. This evaluation will change with the change of the economic environment, which means that these factors are not fixed, so it is necessary to re-rate the bonds in order to issue the second phase.