回溯至2001年，评级机构同大多数投资者一样没能及时发现能源巨头安然在其资产负债表中隐瞒大笔负债的事实。

Back in 2001, along with most investors, the agencies were slow to catch on to the fact that energy giant Enron was hiding massive liabilities off of its balance sheet.

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借此，该公司降低了杠杆比率（资产负债表上债务所占比率），避免评级遭到下调，显得比实际情况更为健康。

That, in turn, helped the firm to reduce its leverage ratio (the level of indebtedness on its balance sheet), avoid a rating downgrade and appear healthier than it actually was.

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评级下跌也影响银行的利润表，因为之前归入临时的损失现在成为了永久性损失。

Rating cuts also affect income statements, by pushing Banks to acknowledge that losses which they had classified as temporary are now permanent.

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