他有个绝妙的主意，就是用字母，给证券评级，以此来代表其信用状况。
He had a neat idea and that was to give letter grades to securities that represented credit worthiness.
在那些书中，他谈到了有关，诚信进行证券评级的道德信念。
In these books he talked about his moral commitment to honest rating of securities.
这离不开信用评级机构的“宽容”：证券评级业务让它们获利颇丰。
They could do this only with the blessing of credit-ratings agencies, which made a profitable business out of rating these securities.
我们对住房贷款抵押证券评级标准作出调整，使得这些债券更难获得AAA级评级。
For instance, we have made changes to our criteria for rating mortgage securities so that it will be much more difficult for such a security to receive a triple-A rating.
不论怎样，对于在住房泡沫破灭前评级机构对住房抵押贷款支持证券评级的失察，人们很难达成谅解。
However, these parties have been much less forgiving on the ratings agencies for lack oversight on ratings for mortgage-backed securities (MBS) right before the housing bubble burst.
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。
Recently, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities.
换言之，这只基金不是在简单地跟踪次级抵押市场：它做的更好，想必是因为该基金购买的是评级较高的证券。
In other words, the fund was not simply tracking the subprime markets: it was doing better, presumably because it was buying highly rated securities.
可以推测，这些证券如此之差，以至于不能公布他们的信用评级。
Presumably these securities were so bad that they wouldn't even publicize their credit rating.
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。
Recently, however, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities.
更为致命的结论是：为评级机构带来更多收益的资产所获评级比那些无利可图的证券更为有利。
Even more damning is their conclusion that assets that generated greater proceeds for the ratings agency were rated more leniently than less lucrative securities.
这家基金公司只从事具备顶尖评级的有抵押证券的交易，并未涉及次贷市场，这表明信用危机的波及面已何其深远。
The fund dealt only in mortgage-backed securities with top-notch credit-ratings, and not the subprime market, indicating how far the credit crisis has spread.
评级是抵押证券发行的关键，从而导致了泡沫。
Ratings were crucial to the distribution of mortgage securities, and therefore to the bubble.
首先，外界广泛报道，贝尔斯登旗下的对冲基金是在基于次级抵押贷款、评级较高的金融衍生证券上出现的亏损。
First, it has been widely reported that the Bear Stearns hedge funds lost money on highly rated derivative securities based on subprime mortgages.
毕竟，按揭证券的评级过于慷慨就引发了信贷危机。
After all, overly generous ratings awarded to newfangled mortgage-backed securities helped to spark the credit crisis.
银行资本还受到来风险加权的冲击，因为评级为垃圾的债务需要采取惩罚性加权，这意味着银行必须为它们准备更多的资本金，高达顶级评级证券所对应的五倍。
They hit capital in another way, too, because junk-rated debt carries a punitive risk weighting; Banks must set aside five times as much capital as they have to for top-notch securities.
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.
对于美国次级债及其证券衍生品携带的风险，评级机构并未及时发出警告。
The ratings agencies failed to sound the alarm in time on the risks carried by U.S. subprime mortgages and the securitized and derivatives products based on them.
比如说，从明年1月开始，欧洲证券与市场管理局将会直接对各评级机构进行监管。
From January, for instance, the European Securities and Markets Authority (ESMA) will directly supervise ratings agencies.
盛富证券重申了该公司股票评级为减持，表示欧洲劳动力市场没有实质性的改善，该公司业绩不容乐观。
Cheuvreux reiterated its "underperform" rating, saying that "there is no reason to be much more optimistic as long as we have no tangible improvement in the labor market in Europe."
抵押证券，也许还是由华尔街天才们设计的，评级达到AAA级别。
Mortgage securities, perhaps, triple-A rated and arranged by Wall Street’s finest.
美国银行美林证券把该公司股票评级从买入下调到中性。
2.57% fell 2% after Bank of America Merrill Lynch downgraded the tour operator to neutral from buy.
最低评级的证券也被称为“股票”（因为都是最后才能得到现金流和第一个承担主要拖债风险的证券。）
Thelowest-rated securities (the last to get the cashflows and the first to bearthe brunt of default) are known as “equity”.
我们无法容忍他们现在的做法，但我们也不能缺少他们，因为评级机构评估证券风险的职能不可或缺。
We cannot live with their current practices, but nor can we live without them; their function - assessing the risk of securities - is indispensable.
于是，又一个疯狂的想法诞生了：评级机构不能对其大股东旗下的任何一支证券进行评级。
Then there is the crazy idea that agencies cannot rate securities in which their leading shareholders have an interest.
结果性产品在危机期间的表现极差，但评级机构辩护称，这些证券当初得分很高是因为它们不够透明，难以评估。
When structured products tanked during the crisis, ratings agencies defended the securities' high scores by arguing that they were too opaque to evaluate.
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。
Rules governing the fixed income securities that banks and institutional investors can hold, and in what amounts, rely on credit ratings.
红杉信托请惠誉国际与穆迪这两大信用评级机构为这次证券发行评级，但是红杉对穆迪的评估采取了“雪藏”，因为它不认同穆迪对发行可能产生风险的评估。
Redwood asked both Fitch and Moody's to provide ratings for the issue, but canned Moody's because it disagreed with the agency's assessment of the risks involved in the issue.
红杉信托请惠誉国际与穆迪这两大信用评级机构为这次证券发行评级，但是红杉对穆迪的评估采取了“雪藏”，因为它不认同穆迪对发行可能产生风险的评估。
Redwood asked both Fitch and Moody's to provide ratings for the issue, but canned Moody's because it disagreed with the agency's assessment of the risks involved in the issue.
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