S.& P. Cuts Russian Debt One Notch to Junk Level
標(biāo)普將俄羅斯主權(quán)債務(wù)評(píng)級(jí)降至垃圾級(jí)

NEW YORK — As Russia deals with the heavy toll of Western sanctions and falling oil prices, a major credit ratings agency on Monday downgraded the country’s sovereign debt to below investment grade, the first time it has fallen to that level in more than a decade.

紐約——俄羅斯目前正在應(yīng)對(duì)西方制裁和油價(jià)下跌所帶來(lái)的慘痛影響；周一，一個(gè)主要信用評(píng)級(jí)機(jī)構(gòu)把俄羅斯的主權(quán)債務(wù)下調(diào)至低于投資級(jí)，這是十多年以來(lái)，它首次降到這一級(jí)別。

With Russia’s oil boom years fading and tensions rising with the West, the ratings agency, Standard & Poor’s, cited narrowing possibilities for the Russian government and companies to service their debt. A looming problem, the agency’s analysts highlighted, was the lack of options for the Russian central bank, which will have to decide this year between propping up the ruble or helping the teetering domestic banking sector.

由于俄羅斯的石油繁榮已經(jīng)漸漸走下坡路，而與西方的關(guān)系日益緊張，信用評(píng)級(jí)機(jī)構(gòu)標(biāo)準(zhǔn)普爾(Standard & Poor’s)認(rèn)為，俄羅斯政府和企業(yè)能夠償還債務(wù)的可能性極低。該機(jī)構(gòu)的分析師強(qiáng)調(diào)，一個(gè)揮之不去的隱憂是，俄羅斯央行的選擇不多。央行今年將決定是選擇力挺盧布，還是幫助搖搖欲墜的國(guó)內(nèi)銀行業(yè)。

“In our view, the Russian Federation’s monetary policy flexibility has weakened, as have economic growth prospects,” the ratings agency wrote.

該評(píng)級(jí)機(jī)構(gòu)寫道，“在我們看來(lái)，俄羅斯聯(lián)邦的貨幣政策的靈活性有所減弱，經(jīng)濟(jì)增長(zhǎng)前景也是一樣?！?/p>

Russia’s economy is already heading into a deep recession. The agency said it projected average growth of 0.5 percent each year for the next three.

俄羅斯經(jīng)濟(jì)正在邁入深度衰退。該機(jī)構(gòu)表示，它預(yù)計(jì)未來(lái)三年，俄羅斯的年均增長(zhǎng)率將為0.5％。

“Stresses could mount for Russian corporations and banks that have foreign currency debt service requirements without a concomitant foreign currency revenue stream,” Standard & Poor’s wrote.

標(biāo)準(zhǔn)普爾寫道，“需要償還外幣債務(wù)，而且又沒有外幣收入來(lái)源的俄羅斯企業(yè)和銀行所面臨的壓力可能會(huì)增加。”

The downgrade cut Russia’s credit rating by only one notch. But that was enough to push the government’s debt into the category of junk bonds.

此次降級(jí)只把俄羅斯的信用評(píng)級(jí)下調(diào)了一個(gè)檔位。但是，此舉已足以把俄羅斯政府的債券歸入垃圾債券之列。

Standard & Poor’s, along with the other agencies, have been whittling away at Russia’s credit ratings since the conflict with Ukraine began, and oil prices started to slide. The two other main ratings agencies, Fitch and Moody’s, also downgraded Russia’s sovereign debt this month, though not to the level of junk bonds.

自俄羅斯與烏克蘭爆發(fā)沖突以來(lái)，標(biāo)準(zhǔn)普爾及其他機(jī)構(gòu)不斷降低俄羅斯的信用等級(jí)，油價(jià)也開始下跌。其他兩大評(píng)級(jí)機(jī)構(gòu)惠譽(yù)國(guó)際(Fitch)和穆迪(Moody's)也在本月下調(diào)俄羅斯的主權(quán)債務(wù)評(píng)級(jí)，但沒有降到垃圾債券等級(jí)。

Russia’s government has tried to shrug off the ratings actions. The central bank does not formally recognize Western ratings for some banking transactions. Separately, Russia has tried to create a joint ratings agency with China to supplant the three big Western ratings giants.

俄羅斯政府試圖對(duì)評(píng)級(jí)行動(dòng)不予理會(huì)。俄羅斯央行沒有正式承認(rèn)西方機(jī)構(gòu)對(duì)銀行交易的評(píng)級(jí)。另外，俄羅斯試圖與中國(guó)建立一個(gè)聯(lián)合評(píng)級(jí)機(jī)構(gòu)，以取代西方國(guó)家的三大評(píng)級(jí)巨頭。

But even the single downgrade by Standard & Poor’s could ripple widely through Russia’s economy. It will force many bond funds permitted to own only investment-grade securities to sell Russian debt.

但僅僅標(biāo)準(zhǔn)普爾的降級(jí)就能對(duì)俄羅斯經(jīng)濟(jì)產(chǎn)生廣泛影響。這將迫使很多只能持有投資級(jí)證券的債券基金出售俄羅斯債券。