Standard and Poor's, the credit rating agency, has cut its outlook for China's sovereign credit ratings from stable to negative.
评级机构标准普尔昨天宣布将中国的主权信用评级展望从稳定调整为负面。
The first is that national bank bail-outs would increase state borrowing relative to GDP, which could raise question-marks over some sovereign credit ratings.
这会带来另一系列的复杂情况。第一个是国有银行纾困会增加国家负债在GDP中的比重，这可能会带来问题-标志着超过了主权信用评级。
Of course, as the representative of China's largest debtor at a time of less-than-perfect sovereign credit ratings, Mr. Locke is likely to maintain a humble stance for the foreseeable future.
当然，在美国主权信用评级不够完美之时，身为中国最大债务国的代表，骆家辉可能会在可预见的将来保持谦逊的态度。
But a European Commission draft paper on credit-rating agencies does propose that, in some circumstances, they should be barred from changing their sovereign ratings.
但欧盟对信用评级机构做出的一份草案显示，在某些状况下，各信用评级机构不应对主权债务评级进行调整。
Some suggest replacing corporate and sovereign ratings with credit-default-swap prices, but these too can be procyclical.
一些人提议用信用违约互换的价格来替代公司和主权信用评级，但其同样也会扩大经济波动。
Initially the ECB treated all sovereign bonds equally. Even when it decided to take credit ratings into account, the ECB's practices discouraged Banks from clear distinctions between sovereign bonds.
最初ecb对所有国债一视同仁，即使是决定引入信用评级，业务操作中也不鼓励银行对国债明确区别对待。
Initially the ECB treated all sovereign bonds equally. Even when it decided to take credit ratings into account, the ECB's practices discouraged Banks from clear distinctions between sovereign bonds.
最初ecb对所有国债一视同仁，即使是决定引入信用评级，业务操作中也不鼓励银行对国债明确区别对待。
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