Are Chinese Companies Bulletproof?

JP Morgan on China:

“3,398 corporate and enterprise bonds outstanding in China 2013, 22.9% AAA rating, 77.0% AA rating, 0.1% have A+ rating or below… The difference between the average coupon rates of AAA bond and CCC bond is less than 400bps… Shanghai Chaori Solar…is the first default in China’s bond market since the first Chinese corporate bond issuance in 1983.”

So, the $1 trillion question is: Are Chinese companies bulletproof beyond any precedent? Or are the current ratings mostly nonsense?

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