穆迪將中國(guó)信用評(píng)級(jí)下調(diào)至A1

China’s credit rating has been downgraded by Moody’s Investor Services on expectations the country’s financial strength will “erode somewhat” over coming years as debt rises, but its outlook was lifted to stable from negative.

穆迪投資者服務(wù)公司(Moody’s Investor Services)下調(diào)了中國(guó)的信用評(píng)級(jí)，理由是它預(yù)期隨著債務(wù)的上升未來(lái)幾年中國(guó)的財(cái)政實(shí)力會(huì)“受到一定程度的損害”，但它同時(shí)將其對(duì)中國(guó)的展望從負(fù)面調(diào)整為穩(wěn)定。

That has put Chinese stocks on track for one of their biggest one-day drops this year and has seen the country’s currency weaken in morning trade.

這條消息引發(fā)了中國(guó)股市的下跌，并導(dǎo)致人民幣匯率在早盤(pán)交易時(shí)段走弱。

The cut to China’s long-term local currency rating to A1 from Aa3 puts the country on par with Czech Republic, Estonia, Israel, Japan and Saudi Arabia.

中國(guó)長(zhǎng)期本幣發(fā)行人評(píng)級(jí)被從Aa3下調(diào)至A1，與捷克、愛(ài)沙尼亞、以色列、日本和沙特阿拉伯同級(jí)。

China’s A1 rating now puts it one notch below other sovereign borrowers, including Taiwan and Macau, and one notch above the likes of Bermuda, Botswana, Poland and Slovakia.

中國(guó)現(xiàn)在的A1評(píng)級(jí)要比臺(tái)灣、澳門(mén)等其他主權(quán)借款者低一檔，比百慕大、博茨瓦納、波蘭、斯洛伐克等高一檔。

In justifying its move, Moody’s said China’s potential growth is likely to fall in coming years, making the economy increasingly reliant on policy stimulus. Moody’s continued: At least over the near term, with monetary policy limited by the risk of fuelling renewed capital outflows, the burden of supporting growth will fall largely on fiscal policy, with spending by government and government-related entities — including policy banks and state-owned enterprises (SOEs) — rising.

穆迪在解釋此次下調(diào)的依據(jù)時(shí)表示，中國(guó)的潛在增長(zhǎng)未來(lái)幾年很可能會(huì)放緩，導(dǎo)致經(jīng)濟(jì)更加依賴(lài)政策刺激。穆迪還表示，因?yàn)樨泿耪呤艿揭l(fā)新一輪資本外流的風(fēng)險(xiǎn)所制約，所以至少在短期內(nèi)，政府將主要依靠財(cái)政政策來(lái)支持經(jīng)濟(jì)增長(zhǎng)，造成政府和政府相關(guān)實(shí)體——包括政策性銀行和國(guó)有企業(yè)——的支出上升。

Such stimulus will only add to rising debt across the whole economy, the Moody’s warned.

穆迪警告稱(chēng)，這樣的刺激將導(dǎo)致整體經(jīng)濟(jì)體系的債務(wù)增加。

Economy-wide debt is also expected to increase further over coming years, and a planned reform programme will not have “sufficient impact, sufficiently quickly to contain the erosion of credit strength associated with the combination of rising economy-wide leverage and slower growth.”

穆迪預(yù)計(jì)，未來(lái)幾年中國(guó)經(jīng)濟(jì)體系整體杠桿率將進(jìn)一步上升，改革計(jì)劃“不足以迅速產(chǎn)生影響來(lái)遏制經(jīng)濟(jì)杠桿率上升和經(jīng)濟(jì)增長(zhǎng)放緩共同對(duì)信用實(shí)力的損害。”

The move brings Moody’s in line with rival agency Fitch, which has had an equivalent A+ rating on China since November 2007. Standard & Poor’s most recently upgraded China’s rating to AA-, which is equivalent to one notch above Moody’s new rating.

此次下調(diào)后，穆迪對(duì)中國(guó)的評(píng)級(jí)與對(duì)手機(jī)構(gòu)惠譽(yù)(Fitch)達(dá)到一致?；葑u(yù)自2007年11月以來(lái)對(duì)中國(guó)的評(píng)級(jí)為A+，與穆迪的A1相當(dāng)。標(biāo)準(zhǔn)普爾(Standard & Poor's)最近將中國(guó)的評(píng)級(jí)上調(diào)至AA-，相當(dāng)于比穆迪的最新評(píng)級(jí)高一檔。