信用评级与国库债券的关系不大，远远不如与公司债券之间的关系。

A credit rating is far less relevant to Treasury bonds than it is to, say, a corporate bond.

youdao

现在，如果投资者认为某公司的信用状况会恶化，他可以买入该公司债券的CDS，不论是否持有该公司债券。

Now investors who believe that credit conditions will deteriorate for a particular company can buy a CDS on the bond, whether or not they own it.

youdao

也就是说，当穆迪将一种债务担保证券、一种公司债券和一种主权债券均评为AA级，那就意味着穆迪认为这三种债券的信用程度是相同的。

So when Moody's says a collateralized debt obligation, a corporate bond and a sovereign issue are all rated AA, the implication is that the three types of bonds are equally healthy.

youdao