The US and EU credit rating agency reforms(美国和欧盟信用评级机构改革)
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Institute of Law
FOCOFIMA lecture
The Credit Rating Agencies (CRAs)
Private entities assessing the creditworthiness of borrowers and the risks associated with the full and timely payment of debt securities Issuing credit ratings: Corporate ratings Sovereign ratings Structured finance ratings Assessing credit risk – Components of credit risk: Probability of default Recovery in the case of default Correlation of defaults (for investments with multiple assets)
Investment grade
BB
B CCC CC C D
Non-investment grade – Speculative
Highly speculative Extremely speculative In default with little prospect for recovery In default with little prospect for recovery In default Non-investment – Speculative grade
Introduction
Subprime Mortgage Crisis “Rating agencies continue to create an even bigger monster – the CDO market. Let‟s hope we are all wealthy and retired by the time this house of cards falters” (a Standard & Poor‟s employee). European Debt Crisis The leading credit rating agencies were accused of exacerbating the Greek debt crisis by downgrading Greek bonds just as European officials were about to unveil a support plan. Downgrade of Danish banks “Today‟s rating actions reflect a reduction in Moody‟s systemic support assumptions for Danish banks” (Oscar Heemskerk, Moody‟s vice president).
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Institute of Law
FOCOFIMA lecture
CRA Reforms: Symbology
Dodd-Frank Act: Sec. 938 « … apply any symbol … in a manner that is consistent for all types of securities … for which the symbol is used » « Nothing … shall prohibit a NRSRO from using distinct sets of symbols to denote credit ratings for different types of securities… » EU Regulation on CRAs: Art. 10 « When a CRA issues credit ratings for structured finance instruments, it shall ensure that rating categories that are attributed to structured finance instruments are clearly differentiated using an additional symbol which distinguishes them from rating categories used for any other entities, financial instruments or financial obligations »
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Institute of Law
FOCOFIMA lecture
The CRA Oligopoly
Highly concentrated industry: Three leaders: Moody„s, Standard & Poor„s and Fitch - 98 % of all outstanding ratings - 90 % of the total rating revenues Approximately 150 other smaller CRAs in the world
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Institute of Law
FOCOFIMA lecture
Recent Rating Failures and Devastating Effects of Credit Rating Downgrades
Enron: Nov./Dec. 2001: Downgrade to junk status 4 days prior to bankruptcy Financial Crisis: July 2007: Massive downgrades of mortgage-related securities Sept. 2008: Lehman Brothers: Downgrade to junk status just a few days prior to bankruptcy European Debt Crisis: Apr./May 2010: Interest rates of Greek debt rose sharply when Greek bonds were downgraded by Standard & Poor„s and Fitch Irish debt: Leading CRAs remain prudent; in Feb. 2011, Standard & Poor„s cut Ireland„s rating from A to A- while Moody„s and Fitch had cut it to BBB in Dec. 2010 (i.e. still investment grade)
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Institute of Law
FOCOFIMA lecture
Danske Bank‘s Long-Term Rating History
Source:
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Institute of Law
FOCOFIMA lecture
Evolution of the Credit Rating Industry
EU:
10
Institute of Law
FOCOFIMA lecture
CRA Reforms: Supervisory Sanctions
Dodd-Frank Act: Sec. 932 Ability of the SEC to bar NRSROs Suspension or revocation of the NRSRO registration for particular class of securities (if the CRA does not have adequate financial and managerial resources to consistently produce credit ratings with integrity) European Regulation on CRAs: Art. 20 Withdrawal of registration (e.g. if the CRA no longer meets the conditions; if serious or repeated infringement of the regulation)
EU:
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Institute of Law
FOCOFIMA lecture
CRA Reforms: Oversight
US:
Creation of an Office of Credit Ratings within the SEC Regulation on CRAs of 2009: - Registration process - Supervision through a college of supervisors - CESR guidance - Art. 5: Equivalence and certification - Art. 4 para 3: Endorsement regime (of credit ratings issued in third countries): if compliance with requirements that are as stringent as those provided for in the EU Regulation June 2010 Amendment Proposal: - Supervision through a centralized authority: ESMA
英文翻译次贷危机The US debt crisis
The US debt crisis, its triple-A credit （AAA）rating has been downgraded to (AA+).default on U.S. debtStandard and Poor's 标准普尔The U.S. averted a debt default Tuesday when President Barack Obama signed a bill raising the country's debt ceiling. But the debt deal might not be enough to maintain its coveted AAA debt rating, according to two credit rating agencies.On Tuesday, Fitch Ratings said the agreement to raise the debt ceiling and make spending cuts was an important first step but "not the end of the process." The rating agency said it wants to see a credible plan to reduce the budget deficit "to a level that would secure the United States''AAA' status."And late on Tuesday, Moody's Investors Service assigned a negative outlook to U.S. debt, but confirmed its AAA rating — for now. A negative outlook means the rating agency could lower the rating in the next 12 to 18 months. Moody's said that continued slow economic growth, higher interest rates could lead to a downgrade. Moody's also said weak fiscal discipline in the coming year could do the same.U.S. debt has held the AAA rating since 1917. Fewer than 20 countries are currently rated AAA. Among them: the United Kingdom, Australia, Germany and Singapore.Fitch expects to conclude its review of the U.S.'s debt rating by the end of August. Given the terms of the debt deal signed Tuesday, it is possible the U.S. debt rating could be downgraded at that time, Fitch said.In an interview with The Associated Press on Tuesday, David Riley, managing director at Fitch, said, "There's more to be done in order to keep the rating in the medium-term."The three main ratings agencies rate the debt issued by countries, states, corporations and municipalities. Ratings are based on a likelihood of default. The AAA rating is the highest available and signifies an extremely low likelihood of default.Standard & Poor's, the other major ratings agency, declined to comment Tuesday. In mid-July S&P warned that there was a 50-50 chance it would downgrade U.S. debt. Had the country defaulted, experts have said a downgrade by all three agencies would have been likely.The U.S. has only faced the threat of a downgrade once in the last 96 years. In 1995, when Bill Clinton was president, a similar default loomed and the credit rating agencies threatened a downgrade. At the time, the country had $4.9 trillion in debt — nearly $10 trillion less than it has now. Once Congress resolved that debt crisis a year later, the credit agencies removed the threat.Federated Investors' chief fixed income strategist Joe Balestrino points out that during the Clinton era the U.S. economy was growing at a much faster pace. Now, the economy is emerging from the deepest recession since the Great Depression and growth is sluggish. On Friday, the government said that in the first half of the year, the economy grew at its slowest pace since the recession officially ended in June 2009."Growth healed all wounds in 1995," Balestrino said. "However, now the U.S. doesn't have enough vitality to grow its way out."A Monday report that showed weakness in manufacturing followed Friday's GDP report. And on Tuesday, the Commerce Department said that consumers cut their spending in June for the firsttime in nearly two years.Because of that, many analysts believe that U.S. debt will eventually be downgraded to AA. And if that happens, it could be tough to regain the AAA rating."If the economy won't grow at 2.5 percent over the long term, it has pretty profound implications from a fiscal point of view," said Riley, the Fitch managing director.He said "that means the U.S. is poorer than it thought" and that legislators will face even tougher choices "in terms of taxes and spending," he said.Fitch also said that between federal, state and local government debt U.S. government debt will be as large as the country's economy by the end of 2012 — or 100 percent of the country's gross domestic product. And Fitch said it expects the country's debt level will continue to rise. The agency warned that would not consistent with a debt level that would allow the U.S. to retain its AAA sovereign rating. Similarly, Moody's said for the U.S. to keep its AAA rating, it expects to see the federal government's debt-to-GDP ratio stay near its projected 2012 level of 73 percent in the next several years, and then decline.In the short term, Balestrino and others don't expect investors to start selling their Treasury holdings. That's because Treasurys are considered one of the safest investment options.Fitch said the status of the U.S. dollar and the size of the Treasury market are the biggest reasons investors won't abandon Treasurys soon. The dollar is the global reserve currency, which means a significant amount of global trade is made in dollars — from toys and computer chips from China, coffee from Kenya or cars from Japan. Central banks in other countries therefore hold large reserves of U.S. currency, mostly through Treasury purchases.The U.S. Treasury market is the largest government bond market, at $9.3 trillion.And Moody's said while it expects interest rates to rise some over the next few years "a rise in borrowing costs above and beyond what is now expected would threaten efforts at fiscal consolidation" and could negatively impact the country's AAA rating.Standard and Poor's has downgraded the United States' credit rating by one notch from AAA to AA+ for the first time in the history of the ratings, despite a push back from the White House and the USTreasury: They have said the agency's analysis of the US economy was deeply flawed and off by trillions of dollars. This is proving to be a contentious move that highlights the weakened fiscal stature of the world’s most power ful country. To add to America's concerns, the agency has also issued a negative outlook. As a result, there is a chance it will lower the rating further within the next two years.The downgrade:1. Comes in the midst of great uncertainty and volatility in globalfinancial markets in the last week;2. Appears to originate from political as well economic analysis andthe consequences of the action could be wide-ranging andunpredictable; and3. Was rumored for weeks during the prolonged debt-ceiling debate in the US Congress but many felt that last week's deal would reduce the chances of such drastic action. Asmany decision makers across the world will recall, US Treasury Secretary Tim Geithner said that a downgrade wasn't going to happen. Geithner said that there was no chance that the US would lose its top credit rating. "No risk of that, no risk," Geithner said on one of the leading television business networks in April, 2011.What are the implications of S&P's downgrade of US debt from AAA to AA +?The official statement from S&P follows:"We lowered our long-term rating on the US because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade. Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria. Nevertheless, we view the US federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged."ConclusionIf the United States does not merit a AAA rating from S&P any more, is there an inenvitable risk to the AAA ratings of a number of other major countries? S&P still has a triple-A rating on the following key nations: Australia, Austria, Canada, Denmark, Finland, France, Germany, Netherlands, Norway, Singapore, Sweden, Switzerland and the United Kingdom. The corollary to this downgrade is that S&P will need to embark on an immediate review of the credit ratings of all the major sovereigns. Is there a risk of pandemonium in the global financial markets as a result of the unilateral change in the AAA credit rating of the US? Which of the other AAA nations are likely to lose their top-notch status?8月6日，著名的国际三大评级机构之一标准普尔公司将美国的主权债务信用评级从最高级别AAA级下调至AA+，并且将评级展望定为负面。
金融时报文章英汉双语对照
9 13德国法院批准欧洲纾困基金German backing for ESM fund lifts stocksRisk assets enjoyed another positive session after Germany’s highest court gave the go-ahead for Europe’s new bailout fund, removing a significant obstacle to efforts to resolve the region’s debt crisis.德国最高法院批准欧洲新纾困基金，消除了解决欧债危机道路上的一大障碍，带动风险资产经历又一个价格上涨的交易日。
But the initial wave of buying that followed the news – which sent European stocks to a 14-month high and the euro to a four-month peak above $1.29 – subsequently showed signs of fizzling out as the grim economic reality facing the region continued to cast a shadow over the markets.但是，由于欧元区严峻的经济现实继续给市场蒙上阴影，上述消息传出后的最初一波买入潮——将欧洲股市推高至14个月高位，亦将欧元汇率推高至1欧元兑1.29美元的四个月高位——随后显示消退迹象。
Nevertheless, there was a palpable sense of relief at the decision by Germany’s constitutional court to reject a petition to prevent the country from signing up to the European Stability Mechanism, the region’s permanent financial rescue fund.然而，对于德国宪法法院驳回有关阻止该国参与欧洲稳定机制(ESM)的请愿的判决，各方明显松了一口气。
《金融专业英语》习题答案
Chapter One Functions of Financial Markets 一．Translate the following sentences into Chinese.1.China’s banking industry is now supervised by the PBC and CBRC. In addition, the MOFis in charge of financial accounting and taxation part of banking regulation and management.目前中国银行业主要由中国人民银行和银监会进行监管。
此外，财政部负责银行业监管的财务会计及税收方面。
2.Currently Chinese fund management companies are engaged in the following business:securities investment fund, entrusted asset management, investment consultancy, management of national social security funds, enterprise pension funds and QDII businesses.目前中国的基金管理公司主要从事以下业务：证券投资基金业务、受托资产管理业务、投资咨询业务、社保基金管理业务、企业年金管理业务和合格境内机构投资者业务等。
3.China's economy had 10% growth rate in the years before the world financial crisisof 2008. That economic expansion resulted from big trade surpluses and full investment.Now China is seeking to move away from that growth model. The country is working to balance exports with demand at home.在2008年世界经济危机之前的那些年，中国经济增长速度曾达到10%。
外贸催款信的常用语)
II. SAMPLE 范文
Dear ___:
I am afraid your failure to settle your account, which is over due for more than six months, will leave us with no alternative but resort to legal proceedings.
随函附上到7月31日为止的结算表。我们将非常感谢你们迅速结清此账。
A Letter to Urge Prompt Settlement
Dear Sirs,
We have received your letter of the 17th July with thanks.
We received payments of $275 on the 2nd July, and $525 on the 9th July respectively. This leaves a debit balance of $320. We would like to remind you that in your letter of the 22nd June you promised to repay before the end of June.
3. How to specify your deadline or demand immediate payment? 怎样说明你的截至期限和要求马上付款？
We must now insist that your send you payment within the next five days.
催债英文情景对话
催债英文情景对话How to start your letter?You have not responded in any way to our recent letters about your past due aount.We remind you once more of your open aount that is now days beyond our -day terms.Your aount is still unpaid in spite of our continual reminders asking for payment or an explanation for your delay.We urgently request that you immediately pay your balance of , which has been outstanding since [date] despite several notices from us.2. How to warn the recipient against further delay? You must realize that we cannot afford to carry this debt on our books any longer.Any further delay in paying your balance due cannot be aepted.You can no longer delay payment if you wish to keep your aount open.Our next step is to take legal action to collect the money due us.This is unpleasant for both of us and is damaging toyour credit rating.3. How to specify your deadline or demand immediate payment?We must now insist that you send you payment within the next five days.Unless I receive your remittance within the next three days, our attorney will be instructed to start proceedings to recover the debt.If we do not receive remittance within five days from the above date, we will have no choice but to pursue other collection procedures.After April 30, we will have no choice but to cancel your credit and turn your aount over to a collection agency.4. How to end your letter?We look forward to your prompt payment.Your immediate response is necessary.Whether or not we take legal action is now your decision.Please make every effort to ensure that we are not forced to take this drastic action.We must hear from you at once to avoid further action. Dear :I am afraid your failure to settle your aount, which is over due for more than six months, will leave us with no alternative but resort to legal proceedings.This is to notify you that unless we receive your check for $7,550.50 by June 30, we will place your aount in the hands of our attorneys for collection.Yours sincerely,[name][title]1. Choose a firm tone for your letter.2. Remind the recipient of your previous collection letters.3. Remind the recipient of all the necessary details: The amount owed by the recipientThe length of time the bill has been overdueThe additional amount of late charge if there is any 4. Tell the recipient what kind of legal action will be taken if the final collection effort fails.译文：你的信怎么开头？你没有对我们最近的信件作出任何回应关于你的过期账。
关于公司治理概念的辨析
2009年9月Special Zone Economy特区经济127中心问题。
“以上几个角度的解释，作者觉得每个角度都各有道理但也都不够完整，相比起来作者更倾向于钱颖一从制度安排角度的解释，“公司治理结构是一套制度安排，用来支配若干在企业中有重大利害关系的团体，包括投资者、经理、工人之间的关系，并从这种制度中实现各自的经济利益。
”公司治理的制度安排包含着对于其他各种关系的制定，因此公司治理应该是包含公司治理结构、公司治理功能、公司治理控制等各种关系以及功能的，所以作者认为从制度的角度来解释公司治理概念应该相对比较准确。
二、公司治理与公司管理公司治理的英文是“Cooperate Governance”，公司管理的英文是“Cooperate Management”，这两个概念是现代公司运作中的两个重要方面，缺一不可，而且也经常有不少初次研究者产生混乱。
两者之间既相互区别但又密不可分。
公司治理是公司管理过程中一整套法律、文化和制度性的安排，公司管理是固定的公司治理结构下的实施与协调。
公司治理是宏观的，是公司管理的前提和目标，公司管理是微观的，是公司治理的实现过程与方法。
但两者的目标都是一致，不管是为了公司股东利益最大化还是公司相关者利益最大化，两者都是为了实现公司的经营目标而存在的。
三、公司治理与公司治理结构公司治理的英文是“Cooperate Governance”，治理结构的英文是“Governance Structure”，不少文章和学者把公司治理、公司治理结构词汇混同使用，甚至不少学者干脆从公司治理结构的角度来解释公司治理，认为公司治理就等于公司治理结构。
作者认为这都是不够准确和不够严谨的，公司治理是不同于公司治理结构的。
公司治理是建立公司控制权的框架机制和公司的运作机制，是动态的，而建立的这种公司控制权的框架机制就是公司治理结构，公司治理结构是静态的。
显然，二者不是一个概念，不应该混淆了静态的组织结构和动态的公司运作之间的关系。
《金融专业英语》习题答案
Chapter One Functions of Financial Markets 一．Translate the following sentences into Chinese.1.China’s banking industry is now supervised by the PBC and CBRC. In addition, the MOFis in charge of financial accounting and taxation part of banking regulation and management.目前中国银行业主要由中国人民银行和银监会进行监管。
此外，财政部负责银行业监管的财务会计及税收方面。
2.Currently Chinese fund management companies are engaged in the following business:securities investment fund, entrusted asset management, investment consultancy, management of national social security funds, enterprise pension funds and QDII businesses.目前中国的基金管理公司主要从事以下业务：证券投资基金业务、受托资产管理业务、投资咨询业务、社保基金管理业务、企业年金管理业务和合格境内机构投资者业务等。
3.China's economy had 10% growth rate in the years before the world financial crisisof 2008. That economic expansion resulted from big trade surpluses and full investment.Now China is seeking to move away from that growth model. The country is working to balance exports with demand at home.在2008年世界经济危机之前的那些年，中国经济增长速度曾达到10%。
aaa信用等级认证理流程
aaa信用等级认证理流程英文回答：AAA Credit Rating Certification Process.The process of obtaining an AAA credit rating from a credit rating agency typically involves the following steps:1. Initial Assessment: The credit rating agencyconducts an initial assessment of the applicant's financial position, risk profile, and business operations.2. Due Diligence: The agency conducts a thorough due diligence review to gather detailed information about the applicant's financial performance, management, and operations.3. Credit Analysis: The agency analyzes the applicant's creditworthiness based on factors such as debt-to-equity ratio, cash flow, and earnings stability.4. Rating Determination: The agency assigns a credit rating based on its analysis of the applicant's financial strength and risk profile.5. Issuance and Monitoring: The agency issues thecredit rating and monitors the applicant's creditworthiness on an ongoing basis.Influencing Factors:Key factors that influence the assignment of an AAA credit rating include:Strong financial performance with high profitability and low debt.Stable cash flows and resilient business model.Conservative management practices and effective risk management.Low leverage and high creditworthiness.Favorable industry outlook and competitive advantages.Additional Considerations:Maintaining an AAA credit rating requires ongoing financial discipline and risk management.The rating can be downgraded if the applicant's financial position, risk profile, or business outlook deteriorates.The process of obtaining and maintaining an AAA credit rating can be time-consuming and resource-intensive.Benefits of an AAA Credit Rating:Lower borrowing costs.Improved access to capital.Enhanced investor confidence.Increased ability to attract strategic partners.Positive impact on market perception and reputation.中文回答：AAA 信用评级认证流程。
自学考试_全国2016年4月高等教育自学考试外刊经贸知识选读试题(00096)
绝密 考试结束前全国2016年4月高等教育自学考试外刊经贸知识选读试题课程代码:00096请考生按规定用笔将所有试题的答案涂㊁写在答题纸上㊂选择题部分注意事项:1.答题前,考生务必将自己的考试课程名称㊁姓名㊁准考证号用黑色字迹的签字笔或钢笔填写在答题纸规定的位置上㊂2.每小题选出答案后,用2B铅笔把答题纸上对应题目的答案标号涂黑㊂如需改动,用橡皮擦干净后,再选涂其他答案标号㊂不能答在试题卷上㊂一㊁单项选择题(本大题共15小题,每小题2分,共30分)在每小题列出的四个备选项中只有一个可以替代句中划线的单词或词组,请将其选出并将 答题纸 的相应代码涂黑㊂错涂㊁多涂或未涂均无分㊂1.A f t e rad e c a d ef o c u s e do ne v e n t si nt h e M i d d l eE a s t,t h e U n i t e dS t a t e sh a sr e c e n t l yb o l s t e r e d i t s p r e s e nc e i n t h eA s i a-P a c i f i c.A.s t r e n g t h e n e dB.e x p e r i m e n t e dC.f r a n c h i s e dD.w e a k e n e d2.T h e A s i a-P a c i f i cr e g i o n,w h i c h w a so n eo ft h ef e w a r e a se n j o y i n g d y n a m i ce c o n o m i cd e v e l o p m e n t a t t h a t t i m e,a r o u s e dU.S.i n t e r e s t.A.s t a t i cB.a c t i v eC.f l e x i b l eD.s t r i d e n to r t sa r el i k e l yt os t a n db e t w e e n2m i l l i o nt o n sa n d2.5 3.I r e c k o nt h i s y e a r sc o r ni pm i l l i o n t o n s.A.e s t i m a t eB.d i m i n i s hC.c l a r i f yD.c o n c e i v e4.I nf o r e i g n e x c h a n g e m a r k e t s,h e d g ef u n d sa r et h ec u r r e n c y s p e c u l a t o r st h a t w o r r yg o v e r n m e n t s t h em o s t.A.o p p o r t u n i s t sB.o n l o o k e r sC.e n t r e p r e n e u r sD.p l a y e r s5.I n2007,i na c o n t e s t s u p e r v i s e db y t h e W o r l dB a n k,t h e j o i n t v e n t u r eo u t b i d m o r e t h a ne i g h t c o m p e t i t o r s h a i l i n gf r o mt h eU n i t e dS t a t e s,C a n a d a,R u s s i a a n dE u r o p e t ow i n t h eA f g h a n g o v e r n m e n t s c o n t r a c t.A.c o o p e r a t e dB.o r g a n i z e dC.o u t d oD.e l i m i n a t e d)页6共(页1第#69000浙经外贸刊识题试读选知6.Ar a g i n g s t o c km a r k e tm a d e2007a n o t h e r b u m p e r h a r v e s t y e a r f o r h e d g e f u n d s.A.s t r o n g e rB.l o a n e rC.w e a k e rD.s u p e r7.E u r o p e i s t h ew o r l d s g r o w t h l a g g a r d r a t h e r t h a n i t s c h a m p i o n.A.s u b s c r i b e rB.r e f o r m e rC.s l o w c o a c hD.p o l i c y-m a k e r8.T h o u s a n d s o fA s i a n s h o p p e r sw e r e t ob e f o u n d e l b o w i n g t h e i rw a y t h r o u g h t h e t h r o n g a sk e e n l y a s t h em o s t b a r g a i n-s a v v y B r i t s.A.s e l l e rB.c o n t r i b u t o rC.o w n e rD.c r o w d9.T h e s e n t i m e n t c a u s e db y ad e t e r i o r a t i n g e u r o z o n e c r i s i s h a s p r o m p t e d t h e d e m a n d f o r t h eg o v e r n m e n t b o n d s i s s u e db y d e v e l o p e d c o u n t r i e s,s u c ha s t h eU S.A.g i v e n r i s e t oB.r e s t r a i n e dC.r e a c t e d t oD.o f f s e t10.O v e r s e a si n v e s t o r sa r es h o w i n g s t r o n g a n di n c r e a s i n g i n t e r e s ti n h o l d i n g A u s t r a l i a nd o l l a r-de n o m i n a t e db o n d s.A.e n h a n c e dB.i s s u e dC.e x c h a n g e dD.i n c l u d e d11.B MWs a i d i t s f r a n c h i s e d o u t l e t sw i l l n o t i f y c u s t o m e r s o f t h e r e c a l l t h r o u g hm a i l o r p h o n ec a l l s.A.w a r e h o u s e sB.i n s t i t u t i o n sC.r e t a i l s t o r e sD.a s s o c i a t i o n s12.T h e r o l l e r c o a s t e r t h a t t h e f i n a n c i a lm a r k e t sw e r e f a c i n g d u r i n g l a s tw e e k t o o k i t s t o l l o nt h e c o mm o d i t i e sm a r k e t s a sw e l l.A.u p s a n dd o w n sB.d e p r e s s i o nC.o p p o r t u n i t i e sD.c o m p e t i t i o n13.T h es l o w d o w n w a s m a i n l y t h er e s u l to fas l ug g i s he c o n o m i cr e c o v e ry i nt h e U S,t h e e d e c o n o m i e s.E u r o p e a nU n i o na n do t h e re l o pA.a b r u p tB.i n a c t i v eC.c r u d eD.r e g u l a r14.C h e n gp r e f e r r e dn o t t o s e t am i n i m u mi n c o m e l i m i t,s a y i n g s u c ha p o l i c y w o u l db e t o or i g i d f o r l o w-i n c o m e f a m i l i e sw h i c hn e v e r t h e l e s s h a v e s a v e d e n o u g h f o r a d o w n p a y m e n t.A.u n f a i rB.s u p p o r t i v eC.i n f l e x i b l eD.d e s t r u c t i v e15.WT O m e m b e r s h i p a l s ou n d e r p i n n e dC h i n e s e e x p o r t-l e d g r o w t hw i t has t r o n g i n s u r a n c ep o l i c y a g a i n s t p r o t e c t i o n i s m.A.r e g u l a t e dB.s u p p o r t e dC.r e s t r u c t u r e dD.a t t r i b u t e d)页6共(页2第#69000浙经外贸刊识题试读选知非选择题部分注意事项:用黑色字迹的签字笔或钢笔将答案写在答题纸上,不能答在试题卷上㊂二㊁将下列英语单词或词组译成中文(本大题共10小题,每小题1分,共10分)16.c a s h-s t r a p p e d17.i n s o l v e n c y18.m a r k e t f o r c e s19.t r a d e r e p r i s a l20.p r i c e-r i g g i n g21.s p o tm a r k e t22.r e a l e s t a t e23.p r i v a t e t r u s t24.l i q u i d a s s e t s25.s u r c h a r g e三㊁将下列汉语词组译成英文(本大题共10小题,每小题1分,共10分)26.消费品27.资本货物28.生产资料29.经济特区30.优先权31.独家经销合同32.(附在商品上的)赠物券33.贴现率34.试销市场35.石油输出国组织四㊁简答题(本大题共6小题,每小题3分,共18分)P a s s a g e1H o n g K o n g c o n s u m e r s e n j o y a v a r i e t y o f s h e l l e g g s,i n c l u d i n g f r e s hh e n a n dd u c k e g g s, d y e d e g g s f o r s p e c i a l o c c a s i o n s,e g g s c o o k e d i n s a l t o r t e a l e a v e s,p i g e o n e g g s a n d p r e s e r v e d d u c ke g g s.F r e s hh e ne g g s,h o w e v e r,a r e t h em o s t p o p u l a r i t e m.E a c h c o n s u m e r i nH o n g K o n g e a t s a n a v e r a g e o f215f r e s h e g g s a n d20p r e s e r v e d o r d y e d)页6共(页3第#69000浙经刊外贸题试读选识知e g g s e a c h y e a r.A c c o r d i n g t o H o n g K o n g i m p o r t s t a t i s t i c s,t h e t e r r i t o r y a n n u a l l y i m p o r t s m o r e t h a n1.2b i l l i o ns h e l l e g g sv a l u e da t$52m i l l i o n.I na d d i t i o n,H o n g K o n gp r o d u c e s4.5m i l l i o nd o z e nh e n,d u c ka n d g o o s e e g g s a n d12m i l l i o nd o z e n q u a i l e g g s a n n u a l l y.C h i n e s ee g g sd o m i n a t e t h e f r e s he g g m a r k e tw i t h m o r e t h a na n80%s h a r e.T h a i l a n d b e c a m e t h e s e c o n d l a r g e s t s u p p l i e r i n1984,f o l l o w i n g an e a r l y e i g h t f o l d i n c r e a s eo v e r1983 s h i p m e n t s.T h eU n i t e dS t a t e s i sc u r r e n t l y t h et h i r dl a r g e s ts u p p l i e rw i t ha7.5%m a r k e t s h a r e i n1985 u p f r o m6.8%.E g g i m p o r t s f r o mt h eN e t h e r l a n d sa l s os h o w e dad r a m a t i ci n c r e a s e i n1985.36.O f a l l t h e e g gp r o d u c t s,w h a t i sm o s t p o p u l a rw i t hH o n g K o n g c o n s u m e r s?37.W h a t i sC h i n a s f r e s he g g m a r k e t s h a r e i n t h ew o r l d?38.W h a t i s c u r r e n t l y t h e t h i r d l a r g e s t s u p p l i e r o f f r e s he g g s?P a s s a g e2A g g r e g a t e s t a t i s t i c s f o r1991w e r ed o m i n a t e db y t h e s h a r p d e c l i n e i no u t p u t i nC e n t r a l a n dE a s t e r nE u r o p e a n db y t h e s e v e r e l y a d v e r s e e f f e c t s o f t h eG u l f c r i s i s o n t h e e c o n o m i e s o f M i d d l eE a s t e r n c o u n t r i e s.E s t i m a t e s o fG D Pb y m a j o r g e o g r a p h i c r e g i o nr e v e a l t h a t g r o w t h o f o u t p u t a c c e l e r a t e d i nL a t i nA m e r i c a n a n d i n s u b-S a h a r a nA f r i c a,w h i l e a p i c k-u p i nC h i n a h e l p e d s u s t a i nA s i a na c t i v i t y.D e s p i t eas h a r p s l o w-d o w n i nI n d i a,w h e r eG D P g r o w t hf e l l f r o m5.5p e r c e n t i n1990t o2.5p e r c e n t,t h e p o p u l a t i o n-w e i g h t e d g r o w t h r a t e o f d e v e l o p i n gc o u n t r i e s G D P 3.5p e r c e n t i n1991 c o n t i n u ed t oe x c e e d t h e o r d i n a r y m e a s u r e.39.W h a t d o e s t h eu n d e r l i n e dw o r d a g g r e g a t e m e a n?40.W h a t s t h em e a n i n g o f a d v e r s e ?41.W h a t d o e s e x c e e d m e a n?五㊁正误判断题(本大题共10小题,每小题2分,共20分)如果正确,请写 T ,如果错误,请写 F ㊂P a s s a g e1U Sr e t a i ls a l e sr o s el e s st h a ne x p e c t e do v e rt h eh o l i d a y s w h i l en e w j o b l e s sc l a i m s c l i m b e d t o a s i x-w e e kh i g h,u n d e r l i n i n g t h e s l o w p a c e o f r e c o v e r y f r o mr e c e s s i o n.R e t a i l s a l e s i n c r e a s e d0.1p e r c e n t i nD e c e m b e r t o$400.6b n,m i s s i n g f o r e c a s t s o f a0.3 p e r c e n tr i s ea n dl o g g i n g t h e w e a k e s t g r o w t hs i n c el a s t M a y,a c c o r d i n g t oac o mm e r c e d e p a r t m e n t r e p o r t.S e p a r a t e l y,f i r s t-t i m ec l a i m s f o ru n e m p l o y m e n tb e n e f i t s r o s e t o399,000.E c o n o m i s t s s a y c l a i m s n e e d t o s t a y b e l o w400,000t o s u s t a i n j o b g r o w t h.D e c e m b e rs a l e so fe l e c t r o n i c sa n da p p l i a n c e sf e l l3.9p e rc e n ta n dd e p a r t m e n ts t o r e)页6共(页4第#69000浙经刊外贸知试读选识题p u r c h a s e s s l i p p e d0.2p e rc e n t.M e a n w h i l e,c h e a p e r f u e l p r i c e sb r o u g h td o w nr e c e i p t sa t p e t r o l s t a t i o n s1.6p e r c e n t l a s tm o n t h,w h i l e f o o d a n db e v e r a g e s a l e s f e l l0.2p e r c e n t.D e c e m b e r sr e t a i ls a l e sf i g u r e ss u g g e s t i t w a sn o tah a p p y h o l i d a y s e a s o nf o r U S r e t a i l e r s, s a i dP a u lD a l e s,s e n i o rU Se c o n o m i s ta tC a p i t a lE c o n o m i c s. I no t h e rw o r d s,h o u s e h o l d sh a v es t a r t e dt o p a r e b a c kt h e i rs p e n d i n g,m o s t p r o b a b l y b e c a u s et h e i rr e a li n c o m e s h a v e c o n t i n u e d t o f a l l.A nu p w a r d r e v i s i o nt oN o v e m b e r s s a l e s r e a d i n g,f r o m0.2p e r c e n t t o0.4p e r c e n t, s u g g e s t e d t h a t c o n s u m e r s d i dm o s t o f t h e i r h o l i d a y s h o p p i n g e a r l y i n t h e s e a s o n.W h i l e t h e r ew e r e s e v e r a lm e d i a r e p o r t s s u g g e s t i n g h o l i d a y s h o p p i n g w a s s o l i d,[y e a r-o n-y e a r]g r o w t hi nc h a i ns t o r ed a t ad i dd i s a p p o i n t,a n dt h i sd a t as u g g e s t st h ec o n s u m e r, r e s t r a i n e db y w e a ki n c o m e g r o w t h,h a sl o s ts o m e m o m e n t u m o u t s i d ea u t o s, s a i d D a v i d S l o a n,a ne c o n o m i s t a t I F RE c o n o m i c s.S t e e p d i s c o u n t sa n de x t e n d e dh o u r sa t m a n y r e t a i l e r sl u r e dl a s t-m i n u t es h o p p e r st o s t o r e s i n t h ew e e k l e a d i n g u p t oC h r i s t m a s,b u t t h e2011h o l i d a y s e a s o nw a s s e e n a sm o d e s t o v e r a l l a n dm a n y c o m p a n i e s h a v e d o w n g r a d e d t h e i r p r o f i t f o r e c a s t s.T h u r s d a y s c o mm e r c e d e p a r t m e n t f i g u r e s s h o w e d t h a tD e c e m b e r s d e c l i n e sw e r e o f f s e t b y s t r o n g e rd e m a n df o rc a r s;s a l e so fm o t o rv e h i c l e sa n d p a r t sw e r eu p1.5p e rc e n t,a s i n d i c a t e de a r l i e r t h i sm o n t hb y c a r m a k e r s,w h o s a i dD e c e m b e r s a l e s r e a c h e d a b o u t13.7ma t a s e a s o n a l l y a d j u s t e da n n u a l r a t e.S t r i p p i n g o u t a u t o s,o v e r a l l r e t a i l s a l e s f e l l0.2p e r c e n t c o m p a r e dw i t h a n e x p e c t e d0.3 p e r c e n t g a i n.S a l e s e x c l u d i n g a u t o s a n d p e t r o lw e r e f l a t i nD e c e m b e r.42.U S r e t a i l s a l e sw e r e e x p e c t e d t o i n c r e a s eb y0.3%i nD e c e m b e r.43.F i r s t-t i m ec l a i m sf o ru n e m p l o y m e n tb e n e f i t sc l i m b e dt o399,000,i n d i c a t i n g t h e U Sr e c e s s i o n i sw o r s e n i n g.44.M a n y U S f a m i l i e s h a v e c u t d o w no n t h e i r sg r o w t h.p e n d i ng d u e t ow e a k i n c o m ee s t t h a t c o n s u m e r s d i dm o s t of t h e i rC h r i s t m a s s h o p p i n g45.R e c e n t r e t a i l s a l e s f i g u r e s g gi ne a r l y D e c e m b e r.46.W i t hs a l e so f m o t o rv e h i c l e sa n d p a r t se x c l u d e d,t h eo v e r a l lr e t a i ls a l e si nt h e U Sa c t u a l l y f e l l s l i g h t l y.P a s s a g e2D e l lI n c.r o s ea s m u c ha s6.7p e r c e n ta f t e ri t s p r o f i tt o p p e da n a l y s t s e s t i m a t e s, m a r k i n g t h es e c o n ds t r a i g h t q u a r t e rt h a tt h ec o m p a n y sr e s u l t so u t s h i n e dt h o s eo fr i v a l H e w l e t t-P a c k a r dC o.N e t i n c o m es u r g e dt o$945m i l l i o n,o r49c e n t sas h a r e,f r o m$341m i l l i o n,o r17 c e n t s,a y e a r e a r l i e r,D e l l s a i d y e s t e r d a y.E x c l u d i n g c e r t a i n c o s t s,e a r n i n g sw e r e55c e n t s i n t h e p e r i o d,w h i c h e n d e dA p r i l29.A n a l y s t s e s t i m a t e d43c e n t s o n a v e r a g e,a c c o r d i n g t o d a t a)页6共(页5第#69000浙经外贸刊识题试读选知c o m p i l e db y B l o o m b e r g.D e l l s e m p h a s i so nb u s i n e s s c u s t o m e r s,b o l s t e r e db y a ne x p a n s i o n i n t oc o r p o r a t ed a t a c e n t e r s,i s h e l p i n g i t w i t h s t a n d as l u m p i n c o n s u m e r d e m a n d.A s l o w d o w ni n h o m e-c o m p u t e rs a l e s h a sr o i l e di n d u s t r y l e a d e r H e w l e t t-P a c k a r d,w h i c h c u ti t sa n n u a ls a l e s f o r e c a s t e a r l i e r y e s t e r d a y.W h i l eD e l l a l s o s a wi t s c o n s u m e r r e v e n u e d r o p,t h e c o m p a n y s a i d i tw a s a b l e t o s q u e e z em o r e p r o f i t o u t o f e a c hs a l e.T h e y e x e c u t e dm u c hb e t t e r t h a ne x p e c t e dd e s p i t e s t r o n g h e a d w i n d s, s a i dS h a w W u, a na n a l y s t a t S t e r n eA g e e&L e a c h I n c.i nS a nF r a n c i s c o.D e l l g e t s a b o u t20p e r c e n t o f s a l e s f r o mc o n s u m e r s,c o m p a r e dw i t ha b o u t30p e r c e n t a tH e w l e t t-P a c k a r d,s a i d W u,w h oh a s a n e u t r a l r a t i n g o nD e l l s h a r e s.D e l l,b a s e d i nR o u n dR o c k,T e x a s,g a i n e d85c e n t s,o r5.4p e r c e n t,t o$16.75a t4 p.m.N e w Y o r k t i m e i nN a s d a q S t o c k M a r k e t c o m p o s i t e t r a d i n g.T h e s h a r e sh a v e r i s e n24 p e r c e n t t h i s y e a r.47.I t i s t h e f i r s t t i m e t h a tD e l l s q u a r t e r l yp r o f i t h a s s u r p a s s e dH e w l e t t-P a c k a r dC o.48.A n a l y s t s e s t i m a t e d t h a tD e l l s n e t i n c o m ew a s43c e n t s a s h a r e o na v e r a g e.49.B e c a u s e D e l l n o w f o c u s e s o n b u s i n e s s c u s t o m e r s,i t s c o n s u m e r d e m a n d r e m a i n s r e l a t i v e l y s t a b l e.50.H e w l e t t-P a c k a r df o r e c a s tad r o p i ni t sa n n u a ls a l e sd u et ot h es l o w d o w ni n h o m e-c o m p u t e r s a l e s.51.C o m p a r e dw i t hD e l l,H e w l e t t-P a c k a r d r e l i e sm o r eh e a v i l y o n c o n s u m e r s.六㊁翻译题(本大题12分)52. W h i l et h e g l o b a l f i n a n c i a l c r i s i sc o n t i n u e dt ot a k eat o l lo ns o c i e t i e sa n d p o l i t i c sg l o b a l l y,2011h a sb e e na y e a ro fr e l e n t l e s st u r m o i la n dc h a o s.W h a tu n d e r l i e st h e s e w a v e s o f t u r m o i l i s t h e l a b o r p a i n s o f t h eb i r t ho f an e wi n t e r n a t i o n a l o r d e r.E c o n o m i c g r o w t hw a s s e v e r e l y u n b a l a n c e d i n2011.T h eE u r o p e a na n d U.S.d e b t c r i s e sh a v e g r a v e l y d e l a y e dt h er e c o v e rg ht h e U n i t e dy.T h o u y o ft h e w o r l de c o n o mS t a t e s r a i s e d i t s d e b t c e i l i n g a f t e r h e a t e d d e b a t e t o a v o i d d e f a u l t,t h e S t a n d a r d&P o o r s r a t i n g a g e n c y d o w n g r a d e d t h e c r e d i t r a t i n g o f t h eU n i t e dS t a t e s f o r t h e f i r s t t i m e.)页6共(页6第#69000浙经刊外贸题试读选识知。
“信用评级”英语怎么说
“信用评级”英语怎么说中文解释:信用评级(Credit Rating)，又称资信评级，是一种社会中介服务为社会提供资信信息，或为单位自身提供决策参考。
最初产生于20世纪初期的美国。
1902年，穆迪公司的创始人约翰·穆迪开始对当时发行的铁路债券进行评级。
后来延伸到各种金融产品及各种评估对象。
由于信用评级的对象和要求有所不同，因而信用评级的内容和方法也有较大区别。
我们研究资信的分类，就是为了对不同的信用评级项目探讨不同的信用评级标准和方法。
“信用评级”英语怎么说例句：The Standard & Poor's agency on Friday dealt a heavy blow to the largest world economy as it deprived the US of its top-tier AAA credit rating. Analysts said that could lead to a weakening dollar and threaten China's interests as the country holds colossal amounts of dollar assets.S&P cut the long-term US credit rating to AA-plus, citing concerns about the government's budget deficit and worsening debt prospects despite the earlier bipartisan consensus to raise the country's debt ceiling by $2.4 trillion and cut the deficit by $2.1 trillion over a decade.标准普尔机构周五剥夺了美国AAA最高信用评级，这对美国这一世界最大经济体以沉重的打击。