但是为了保证违约评级不至于引起混乱，只得开始用些“变通”的方法了。
But the contortions have begun to make sure that a default rating would not cause chaos.
惠誉国际评级(Fitch Ratings)将英国石油公司长期违约评级和优先无担保债务从AA +下调至AA，原因是出于对英国石油公司的花费和法律责任的担忧。
Citing concerns about BP's costs and legal liabilities, Fitch Ratings downgraded BP's long-term default rating and senior unsecured debt to AA from AA-plus.
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.
即使评级机构使用你刚才用到的词(违约)，它也不在我的词汇当中。
If the rating agencies are using the word you just used (default), it is not part of my vocabulary.
然而，最近几天，债务评级机构警告称，任何让债券持有者介入的举措都将代表选择性违约。
But in recent days, debt rating agencies warned any attempt to get bondholders to participate would represent a selective default.
该机构还称，经验丰富的投资者理解市政债券的违约可能性要比评级相同的公司债券低。
The agency argued that sophisticated investors understood that municipal issues were less likely to default than similarly rated corporate issues.
违约率从一年前的1.5%上升到现在的7%，该评级机构预测到第四季度可能会上升到14.6%。
The default rate is now 7%, up from 1.5% a year ago, and the rating agency predicts that it will reach 14.6% by the fourth quarter.
穆迪corporatefinance部门的常务董事MikeRowan认为，“当债券违约的可能性上升时，评级就会掉到C及以下的级别。”
"Bonds are usually downgraded to that rating when they're near default," says Mike Rowan, managing director for corporate finance at Moody's.
根据惠誉国际信用评级有限公司去年的报告，雷曼兄弟公司是市场中信贷违约掉期的十大提供方之一。
Lehman was one of the 10 largest parties in the market for credit default swaps, according to a Fitch Ratings report last year.
根据评级机构标准普尔（标普），到10月底截至的过去一年中，美国垃圾债券的违约率只有2.9％。
Over the year to the end of October, only 2.9% of American junk bonds had defaulted, according to Standard &Poor’s (S&P), a rating agency.
而限制市场（禁止信用违约互换交易，设立更易掌控的评级机构）的压力应被视作试图迁怒信使的行为而被驳回。
Pressure to trammel the markets (banning trading in credit-default swaps, setting up a more pliable European rating agency) should be dismissed as an attempt to shoot the messenger.
信用评级机构称，这是近十年来发生违约最少的时期。
Rating agencies say that the number of defaults is the lowest for almost a decade.
没错，违约国家在出现违约之前一般被降低信用评级。
It's true that defaulting nations were generally downgraded before the event.
在一家国际评级机构大幅下调对乌克兰的评级以及信贷违约掉期溢价显示出70%的违约概率之后，乌克兰坚持认为自己拥有足够的资金来避免违约的发生。
Ukraine insists it has the funds to avoid default, in the wake of a sharp downgrade by an international ratings agency and CDS spreads that suggest a 70% likelihood of default.
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。
Some suggest replacing corporate and sovereign ratings with credit-default-swap prices, but these too can be procyclical.
巴塞尔协议2的捍卫者指出评级公司遭受批评，但是它们的评价违约风险的纪录是非常好的。
Defenders of Basel 2 point out that the agencies are under the cosh now, but that their record in assessing the risk of default is pretty good.
一旦希腊摆脱违约状态，那么对应的违约债券的评级也将被提升，而对于评级最大的助推则来自希腊债券存量的大幅减少，当然现在还不是讨论这个的时候。
The biggest boost to ratings would come from a large reduction of Greece's debt stock. Needless to say, that's not on the table.
信贷评级机构常常低估大额贷款的违约风险，致使价格不切实际的上涨和大规模发行。 ---》评级机构在大量债务上系统性的低估违约风险，。。。
Rating agencies systematically underestimated default risk on vast amounts of debt, resulting in puffed-up prices and a surfeit of issuance.
但最后承担损失的那部分CDO的评级却很高，因为CDO包内所有债务人同时违约概率极低。
That piece had alow rating. But the piece at the top, which would take the last losses, wasrated AAA—a reflection of how unlikely it was that allthe loans in the CDO would default at once.
评级下调也可能是信用违约互换(CDS)等金融合同的触发事件，迫使资金易手。历史上，评级下调也曾令市场风声鹤唳。
Downgrades can also be trigger events in financial contracts, like credit default swaps, that force money to change hands between parties; and they have historically spooked markets.
Friedlander先生认为，最终市政债券的违约率相对类似评级的公司债券而言应该是比较低的。但是投资者将不得不区分挥霍浪费的州和审慎的州。
As a result, municipal defaults should remain low relative to similarly rated corporate credit, argues Mr. But investors will have to work to separate the prudent from the profligate.
Friedlander先生认为，最终市政债券的违约率相对类似评级的公司债券而言应该是比较低的。
As a result, municipal defaults should remain low relative to similarly rated corporate credit, argues Mr.
去年国际货币基金组织执行的一项研究表明，评级是衡量主权违约风险的较好指标。
In a study last year, the International Monetary Fund concluded that ratings were a reasonably good indicator of sovereign-default risk.
其中最为突出的部分是放弃对私人部门参与者的承诺，承诺确保私人部门参与者回避任何可能激起信用评级机构宣布选择性违约的事件。
Most striking is the seeming abandonment of the commitment to ensure that any private-sector involvement avoid anything that might provoke credit-rating agencies to declare a selective default.
盖特纳说：“市场将会观望，而信用评级机构也清楚表明他们会观察，看我们是否能成功逃过债务违约危机，这我有信心我们躲得过。
The markets are going to look, and the ratings agencies have been very clear they are going to look, at not just whether we successfully avoid a default crisis, which I am very confident that we will.
巴塞尔协议2的捍卫者指出评级公司遭受批评，但是它们的评价违约风险的纪录是非常好的。
Defenders of Basel 2point out that the agencies are under the cosh now but that their record in assessing the risk of default is pretty good.
欧洲的救助提案已开始将议题转向评级机构是如何定义主权违约的。
Rescue proposals in Europe have turned on how ratings agencies define a sovereign default.
信用评级机构已经警告美国如果不能及时提高债务上限以预防违约，则其AAA信用评级可能被降级。
Credit ratings agencies have put the US on notice that its AAA rating may be cut if the debt ceiling is not raised in time to prevent a default.
信用评级机构已经警告美国如果不能及时提高债务上限以预防违约，则其AAA信用评级可能被降级。
Credit ratings agencies have put the US on notice that its AAA rating may be cut if the debt ceiling is not raised in time to prevent a default.
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