They've become forces of nature in the U.S. Economy, in the sense that people accept these letter grades with great authority.

他们和美国经济密不可分,在这种情况下,人们笃信机构的字母评级

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I think that going forward, both the rating agencies and the banks will be very important in our society.

我认为这会有效果,信用评级机构和银行,都将会在我们的社会中扮演很重要的角色

耶鲁公开课 - 金融市场课程节选

there are three ready agencies you have to use.

评级公司中有三个政府指定机构。

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Some people think that the rating agencies have allowed a kind of moral hazard to creep into their organization.

有些人认为,信用评级机构,已经让某种程度的道德风险,渗透到他们的机构中

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The first rating agency in the world was created by Mr. John Moody, in the U.S. In 1909.

世界上第一家信用评级机构,是约翰·穆迪先生,于1909年在美国创办的

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So, reporters start calling the other rating agencies-- Standard & Poor's and Moody's and others--and say, are you going to down-rate these guys?

于是记者们开始询问其他的评级机构,像是标准普尔和穆迪,问他们,你们打算给这些公司降级吗

耶鲁公开课 - 金融市场课程节选

The question is: how can these rating agencies manage the current distrust that has developed?

问题是,这些评级机构该如何应对,当前已然扩散的不信任感呢

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The rating agencies weren't cutting the ratings as they should and these European banks were just kind of naively trusting and it just didn't get figured out.

信用评级机构并未按照实际评级,这些欧洲银行却很傻很天真地相信了,没有认识到潜在的风险

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You read in the newspaper their interpretation of what's going to be said and so far the other rating agencies haven't; they're not saying anything.

你从报纸上读到媒体关于,他们会怎么说的猜测,但是迄今其他评级机构并无实际行动,他们没有任何表态

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Then there's Fitch, who's the third, which is smaller than these two.

还有一个排名第三的评级机构叫惠誉,它比前两家规模要小一些

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You say, oh oh, this is bad news, if this is the only--if only one rating agency does that, okay, but--and it's only AMBAC that's been down-rated, but you starting wondering.

你会说,这是个坏消息,如果只是一家评级机构下降了评级,而且只有安巴克一家被降级,那还好,不过你开始担忧了

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Those are the two biggest rating agencies in the U.S. today and they're extremely powerful organizations because they --Standard & Poor's also does letter grades, a slightly different system, but almost the same.

如今他们是美国最大的两家评级机构,而且他们是非常权威的组织,标准普尔也进行字母评级,体系上有些区别,但基本相同

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I wanted to mention in this context, because I'm emphasizing how banks help solve the adverse selection and moral hazard problem -I wanted to mention briefly here also the rating agencies, which fulfill some of these functions.

我早就想在这段内容里讲讲这事了,因为我一直强调,银行是如何帮助解决逆向选择,以及道德风险问题的...,我还一直想在这里简要的提下,本应履行这些职能的那些信用评级机构

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The idea was that the --so he set up Moody's Rating Agency and the job of Moody's was to give letter grades to securities; it was a little bit like a bank, but it was different because he didn't actually make the loans.

主旨是... 因此他成立了穆迪评级机构,穆迪的工作就是用字母给证券评级,这有点像银行,但还是有区别,因为他并不发放贷款

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Recently, however, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities.

但是,最近,出现了一点关于评级机构的丑闻,因为他们将一些次级证券评为AAA级

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Now, part of the problem is that the rating agencies were rating their securities that they were investing in as AAA, in many cases.

同时存在的一个问题是,信用评级机构对他们投资的,大部分债券都给予了AAA的评级

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There was another Henry Poor set up Poor's in 1916 on a similar model and they later merged with Standard Statistics to become Standard & Poor's, S&P.

还有一位...,亨利·普尔在1916年按照类似模式,成立了普尔评级机构,随后他们与标准统计机构,合并成为标准普尔,简称S&P

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