穆迪把交行基础信用评估降至垃圾级
Credit-rating agency Moody’s has downgraded Bank of Communications, China’s fifth-largest lender by assets, to junk status citing its increasing reliance on pricey and volatile wholesale funding.
信用评级机构穆迪(Moody’s)把按资产规模衡量的中国第五大银行交通银行(BoCom)的评级降为垃圾级，引述的理由是该行对成本高、稳定性差的批发融资越来越依赖。The agency downgraded BoCom’s baseline credit assessment one notch to Ba1 from Baa3, crossing the divide between investment grade and junk.
穆迪把交行的基础信用评估(BCA)从Baa3下调一档至Ba1，使该行从投资级跌入垃圾级。“The downgrade of BoCom’s BCA is driven by its weaker funding profile when compared to other state-owned Chinese banks, as well as its pressured profitability as a result of an environment of increasing market funding costs,” Moody’s said in the announcement.
“调降交行的基础信用评估是因为，跟其他国有银行相比，交行的融资状况更差，并且市场融资成本升高的环境导致其盈利能力承压，”穆迪在一份声明中称。
Shanghai-based BoCom holds an intermediate status in China’s banking system. It is sometimes grouped alongside the “Big 4″ state-owned commercial banks, but it is significantly smaller, giving rise to the descriptor “not small, not large”.
总部位于上海的交行在中国的银行体系中处于中间地位。交行有时跟“四大”国有商业银行相提并论，但其规模要小得多，由此获得了“不小也不大”的描述语。
Mid-sized lenders have relied increasingly on non-deposit sources of funding in recent years — mainly in the interbank money market — as Chinese savers have looked for higher-yielding alternatives to bank deposits.
近些年来，中等规模的银行日益依赖存款以外的其他融资来源——主要是银行间货币市场——中国的储户们已开始寻找收益更高的产品替代银行存款。But such funding is more expensive, especially this year, when the central bank tightened liquidity and guided interbank rates higher.
但是，这种融资方式的成本更高，尤其是在今年央行收紧流动性，引导银行间利率升高的情况下。Wholesale funding is also less “sticky” than traditional deposits. Investors in money-market mutual funds or wealth management products backed by money-market assets tend to withdraw funds or shift them to other investments more readily than with bank deposits.
批发融资的“粘性”也不像传统存款那么大。跟银行存款相比，购买货币市场基金或以货币市场资产为支撑的理财产品的投资者，更倾向于随时地提现，或者把资金转移到其他投资产品上去。Moody’s noted that Bocom’s wholesale funding rose to 34 per cent of tangible assets at end-June 2017, up from 26 per cent at end-2015.
穆迪指出，在2017年6月底，交行的批发融资占有形资产的比例从2015年底的26%升高至34%。
