随着信贷市场的动荡不堪，在城市借贷时，债券保险公司急需保持他们所依赖的顶尖评级。

With the credit markets in turmoil, bond insurers are desperate to retain the top-notch ratings that cities depend on when they borrow.

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但是信贷机构争辩说他们的评级只能衡量违约率的可能性，而并不对个别的证券提出买进的建议，也不能预测市场价格。

But the agencies argue that their ratings are designed to measure the probability of default, not to recommend the purchase of individual securities or to predict market prices.

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由于金融市场的魔力，一只由低质量债务组成的房贷担保证券也能获得一个良好的信贷评级。

Thanks to financial alchemy, an MBS made up of low-quality loans can still enjoy a good credit rating.

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