We offer our ratings as a view of relative credit risk-not as a buy, hold or sell recommendation.

我们认为自己提供的评级是对相对信用风险的评定，但绝对不是买进、持有或者卖出的建议。

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Rules governing the fixed income securities that banks and institutional investors can hold, and in what amounts, rely on credit ratings.

规定银行及机构投资者可持有以及持有多少固定收益证券的法规条例依赖于相应证券的信用评级。

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However, prices are down 13.5% on the peak they reached in October 2007, before the credit crunch took hold, and Nationwide warned that the market remained fragile.

然而，在信贷紧缩还未站稳脚前，房产价格2007年达到顶峰后，下降了13.5%。全国保险公司警告市场依然脆弱。

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Credit unions can hold the loans on their books or form consortiums that allow them to share the risk.

WSJ: New College Lenders Step Up

But those economic assumptions now look too rosy as the credit squeeze takes hold and the housing market swoons.

ECONOMIST: Gordon Brown's past imprudence is catching up with him

Before the global credit crunch took hold, Icelandic banks had foreign assets worth about 10 times the country's GDP, with debts to match.

BBC: Credit crisis: World in turmoil