穆迪宣佈將退出俄羅斯市場

Moody’s is withdrawing from the Russian domestic market as global rating agencies are caught in a dilemma between new Russian laws and western sanctions.

穆迪(Moody’s)即將撤出俄羅斯國內市場。目前，全球性評級機構被卡在俄羅斯新法律和西方制裁之間，左右爲難。

Moody’s said on Wednesday that it would withdraw domestic credit ratings in Russia following “legislative changes and other potential restrictions” that affect the business of providing National scale ratings by its joint venture in the country, Moody’s Interfax Rating Agency.

週三，穆迪表示，在俄羅斯做出“法律改變和其他限制”之後，其將撤出俄羅斯市場的國內評級業務。這些改變和限制，會影響到穆迪駐俄羅斯的合資企業Moody’s Interfax Rating Agency(MIRA)提供全國性評級的業務。

Once ratings are withdrawn, the MIRA joint venture will close.

一旦撤銷評級業務，合資企業MIRA將會被關閉。

The decision from Moody’s marks the most drastic reaction so far to new Russian regulation of credit rating agencies, but highlights the risk that the country’s financial markets may become more isolated from global markets amid the tit-for-tat fallout of western sanctions against Moscow.

穆迪的決定，是迄今信用評級機構中對俄羅斯新法規做出的最激烈反應，但這凸顯了一種風險：在西方對俄羅斯實行制裁後，俄羅斯採取了針鋒相對的舉動，這或許會導致該國金融市場更加孤立於全球市場。

National-scale ratings assess the creditworthiness of issuers and financial obligations within a country. Under legal amendments approved last year that take effect in 2017, Moscow will allow agencies to issue local ratings only through a subsidiary in the country that agrees to certain conditions, including a guarantee not to withdraw ratings under external political pressure.

全國性評級，會評估發行人在一個國家內部的信譽度和債務。根據去年通過、將於2017年生效的法律修正案，俄羅斯將僅僅允許評級機構通過設在該國的子公司發佈國內評級報告，前提是必須滿足一定的條件，包括保證不迫於外部政治壓力而撤銷評級報告。

The legislation also requires central bank approval of the assignment and withdrawal of local ratings.

這部俄羅斯法律還規定，需由央行來批准當地評級報告的分配或撤銷。

The new rules could leave global rating agencies in violation of either western law or Russian law if applied to Russian issuers under US or EU sanctions.

如果針對受到美國或歐盟制裁的俄羅斯發行方實施新法規，那麼全球評級機構將不是違反西方法律，就是違反俄羅斯法律。