穆迪把交行基礎(chǔ)信用評(píng)估降至垃圾級(jí)

Credit-rating agency Moody’s has downgraded Bank of Communications, China’s fifth-largest lender by assets, to junk status citing its increasing reliance on pricey and volatile wholesale funding.

信用評(píng)級(jí)機(jī)構(gòu)穆迪(Moody’s)把按資產(chǎn)規(guī)模衡量的中國(guó)第五大銀行交通銀行(BoCom)的評(píng)級(jí)降為垃圾級(jí)，引述的理由是該行對(duì)成本高、穩(wěn)定性差的批發(fā)融資越來越依賴。

The agency downgraded BoCom’s baseline credit assessment one notch to Ba1 from Baa3, crossing the divide between investment grade and junk.

穆迪把交行的基礎(chǔ)信用評(píng)估(BCA)從Baa3下調(diào)一檔至Ba1，使該行從投資級(jí)跌入垃圾級(jí)。

“The downgrade of BoCom’s BCA is driven by its weaker funding profile when compared to other state-owned Chinese banks, as well as its pressured profitability as a result of an environment of increasing market funding costs,” Moody’s said in the announcement.

“調(diào)降交行的基礎(chǔ)信用評(píng)估是因?yàn)?，跟其他?guó)有銀行相比，交行的融資狀況更差，并且市場(chǎng)融資成本升高的環(huán)境導(dǎo)致其盈利能力承壓，”穆迪在一份聲明中稱。

Shanghai-based BoCom holds an intermediate status in China’s banking system. It is sometimes grouped alongside the “Big 4″ state-owned commercial banks, but it is significantly smaller, giving rise to the descriptor “not small, not large”.

總部位于上海的交行在中國(guó)的銀行體系中處于中間地位。交行有時(shí)跟“四大”國(guó)有商業(yè)銀行相提并論，但其規(guī)模要小得多，由此獲得了“不小也不大”的描述語。

Mid-sized lenders have relied increasingly on non-deposit sources of funding in recent years — mainly in the interbank money market — as Chinese savers have looked for higher-yielding alternatives to bank deposits.

近些年來，中等規(guī)模的銀行日益依賴存款以外的其他融資來源——主要是銀行間貨幣市場(chǎng)——中國(guó)的儲(chǔ)戶們已開始尋找收益更高的產(chǎn)品替代銀行存款。

But such funding is more expensive, especially this year, when the central bank tightened liquidity and guided interbank rates higher.

但是，這種融資方式的成本更高，尤其是在今年央行收緊流動(dòng)性，引導(dǎo)銀行間利率升高的情況下。

Wholesale funding is also less “sticky” than traditional deposits. Investors in money-market mutual funds or wealth management products backed by money-market assets tend to withdraw funds or shift them to other investments more readily than with bank deposits.

批發(fā)融資的“粘性”也不像傳統(tǒng)存款那么大。跟銀行存款相比，購(gòu)買貨幣市場(chǎng)基金或以貨幣市場(chǎng)資產(chǎn)為支撐的理財(cái)產(chǎn)品的投資者，更傾向于隨時(shí)地提現(xiàn)，或者把資金轉(zhuǎn)移到其他投資產(chǎn)品上去。

Moody’s noted that Bocom’s wholesale funding rose to 34 per cent of tangible assets at end-June 2017, up from 26 per cent at end-2015.

穆迪指出，在2017年6月底，交行的批發(fā)融資占有形資產(chǎn)的比例從2015年底的26%升高至34%。