穆迪把交行基礎信用評估降至垃圾級
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.
信用評級機構穆迪(Moody’s)把按資產規模衡量的中國第五大銀行交通銀行(BoCom)的評級降爲垃圾級，引述的理由是該行對成本高、穩定性差的批發融資越來越依賴。The agency downgraded BoCom’s baseline credit assessment one notch to Ba1 from Baa3, crossing the divide between investment grade and junk.
穆迪把交行的基礎信用評估(BCA)從Baa3下調一檔至Ba1，使該行從投資級跌入垃圾級。“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.
“調降交行的基礎信用評估是因爲，跟其他國有銀行相比，交行的融資狀況更差，並且市場融資成本升高的環境導致其盈利能力承壓，”穆迪在一份聲明中稱。
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”.
總部位於上海的交行在中國的銀行體系中處於中間地位。交行有時跟“四大”國有商業銀行相提並論，但其規模要小得多，由此獲得了“不小也不大”的描述語。
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.
近些年來，中等規模的銀行日益依賴存款以外的其他融資來源——主要是銀行間貨幣市場——中國的儲戶們已開始尋找收益更高的產品替代銀行存款。But such funding is more expensive, especially this year, when the central bank tightened liquidity and guided interbank rates higher.
但是，這種融資方式的成本更高，尤其是在今年央行收緊流動性，引導銀行間利率升高的情況下。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.
批發融資的“粘性”也不像傳統存款那麼大。跟銀行存款相比，購買貨幣市場基金或以貨幣市場資產爲支撐的理財產品的投資者，更傾向於隨時地提現，或者把資金轉移到其他投資產品上去。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，交行的批發融資佔有形資產的比例從2015年底的26%升高至34%。
