來寶集團信用評級被降至垃圾級
Noble Group, the commodity trader fighting allegations of aggressive accounting, suffered another blow on Tuesday when its credit rating was cut to junk status by Moody’s because of concerns about the company’s ability to refinance debts.
正在與激進會計指控做鬥爭的大宗商品交易商來寶集團(Noble Group)週二遭遇又一個打擊。出於對該公司債務再融資能力的擔憂，穆迪(Moody's)將其信用評級下調至垃圾級。
The downgrade announced by the rating agency could have significant repercussions on Noble’s core trading business, which depends on access to cheap credit to compete with larger rivals such as Glencore, Trafigura and Vitol.
評級下調可能對來寶核心的交易業務帶來重大沖擊波，這塊業務要依賴廉價的信貸才能和嘉能可(Glencore)、托克(Trafigura)和維多(Vitol)等更大的對手競爭。
Noble appeared to have done enough to retain an investment grade rating when it reached an agreement this month to raise $750m from the sale of its remaining stake in an agricultural trading joint venture to Cofco of China.
表面上看，來寶集團似乎已採取足夠行動維持其投資級評級。該集團本月達成協議，將其在一家農業交易合資企業的剩餘股份轉讓給中國的中糧集團(Cofco)，籌集7.5億美元資金。
However, Moody’s said the proposed disposal had not erased concerns about Noble’s liquidity headroom — the difference between its cash resources and the debts it must refinance over the next year — as well as its low levels of profitability.
然而，穆迪表示這一擬議中的變賣舉措，並未消除對來寶集團流動性空間（即其現金資源與其未來一年必須再融資的債務之間的差距）和其低盈利能力的擔憂。
“The downgrade of Noble’s ratings reflects Moody’s concerns over the company’s liquidity,” said Joe Morrison of Moody’s.
穆迪的喬莫里森(Joe Morrison)表示：“對來寶集團評級的下調，反映了穆迪對該公司流動性的擔憂。”
“The downgrade also reflects the uncertainty as to whether or not these factors can be improved sustainably and materially, given our expectations of a prolonged commodity downcycle.”
“這次下調還表明，考慮到我們對漫長的大宗商品下行週期的預期，在相關因素是否會出現可持續和實質性好轉的問題上，存在不確定性。”
The move by Moody’s rounds off a difficult year for Singapore-listed Noble, whose shares have fallen 61 per cent since January following weak results and repeated questions about its accounting practices.
對於在新加坡上市的來寶集團而言，穆迪此舉爲其處境艱難的一年畫上了句號。在該集團業績疲軟並由於會計行爲而受到反覆質疑之後，該集團股票自今年1月以來已下跌61%。
A group called Iceberg Research has claimed Noble inflated asset values, and booked profits on deals long before receiving any cash from the transactions.
一個名爲“冰山研究”(Iceberg Research)的組織曾聲稱，來寶集團虛報資產價格，並在從交易中回籠現金很久之前就將其盈利入賬。
Noble has defended itself against the accusations, and had PwC review how it accounted for its long-term commodity deals. The accounting firm concluded Noble’s financial reporting was consistent with industry practice.
來寶集團已針對這些指控開展了辯護，並已委託普華永道(PwC)審覈其長期大宗商品交易的會計行爲。普華永道已認定，來寶的財報符合業界行爲。
At the end of September, Noble’s net debt stood at $4.2bn, or 3.6 times its earnings before interest, tax, depreciation and amortisation on an adjusted basis, according to Moody’s.
根據穆迪的數據，9月底來寶集團的淨債務爲42億美元，是其在經調整後的息稅折舊及攤銷前利潤(EBITDA)的3.6倍。
Noble said it was “unfortunate” that the sale of its 49 per cent stake in Noble Agri to Cofco had been “outweighed” by Moody’s “negative view” on commodity prices, which have hit their lowest levels since the financial crisis.
來寶集團表示，“不幸的是”，穆迪對大宗商品價格的“負面看法”，“壓過了”將來寶農業(Noble Agri) 49%股份轉讓給中糧集團的舉措。目前，大宗商品價格已跌至金融危機以來的最低水平。
“Whilst we respect Moody’s decision, we are of the firm view that, once the just-announced Noble Agri deal closes, our rating metrics will substantially exceed those required of an investment grade credit,” added Noble.
來寶集團補充說：“雖然我們尊重穆迪的決定，但我們堅定認爲：一旦剛剛宣佈的來寶農業交易完成，我們在評級方面的指標將大大超出投資級信用評級的要求。”
