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1、Chinese rating agencys credibility criticisedBy Simon Rabinovitch in Beijing The Chinese rating agency best known for downgrading US sovereign debt last year has come under fire domestically for giving the countrys embattled railway ministry a higher rating than the government.The controversy was sp
2、arked when Dagong Global Credit Rating reiterated its long-standing triple A rating on short-term financing paper issued by the railway ministry. The rating had garnered little attention previously. However, in the past six months the railway ministrys reputation has been tarnished by a corruption s
3、candal, soaring debt and a high-speed collision last month in which 40 people were killed.The central government, which is ultimately responsible for railway debts, is rated one notch lower by Dagong at double A plus, an inconsistency Chinese media have pounced on.Dagong was praised in China for its
4、 foresight in twice downgrading the US sovereign rating before Standard & Poors became the first leading global rating agency to lower the US credit score this month. Critical of the power of S&P, Moodys and Fitch, China has pledged to develop homegrown competitors and Dagong is one of the countrys
5、leadingrating agencies.But Dagong is now facing criticism and derision in China for its view of the railway ministry.“Far from putting people at ease about the railway ministry, Dagongs triple A rating has instead generated suspicions about its own credibility,” said the 21st Century Business Herald
6、, a popular financial newspaper.In a statement sent to Chinese media and seen by the Financial Times, Dagong said its ratings of the government and the railway ministry belonged to different classification systems and were not directly comparable.“The state will continue to expand its investment in
7、railway construction and this will inevitably increase the railway ministrys credit worthiness,” it said.Investors took a lessoptimistic view. The annual coupon rate on the 90-day paper issued by the ministry last week was 5.55 per cent, 163 basis points higher than earlier this year.Analysts noted
8、the ministrys cash flow did not appear sufficient to cover its interest costs and debts have continued to climb on the back of Chinas huge railway investment programme. The ministrys liabilities have tripled in three years to Rmb2,091bn ($326bn), or about 5 per cent of gross domestic product.In the
9、wake of the July 23 crash, China has suspended approvals of new routes and lowered operating speeds.2011年08月16日 06:24 AM 中国评级机构可信度遭质疑 英国金融时报 欧阳德 北京报道 曾以去年下调美国主权债务评级而闻名的中国评级机构，近期在国内受到了抨击，原因是其给予中国麻烦缠身的铁道部的评级，竟高于中国国家信用评级。此次争议的导火线是，大公国际资信评估有限公司(Dagong Global Credit Rating)对铁道部超短期融资券再次给予AAA的信用评级。这一评级以前几乎
10、没有引起任何人的注意。但在过去6个月期间，铁道部的名声已因一系列事件受损，包括腐败丑闻、债务飙升，以及上月的动车追尾事件，事件导致40人丧生。另一方面，对铁路债务负有最终责任的中央政府，从大公得到的评级却低一级，为AA+。这种不一致性遭到中国媒体的穷追猛打。大公在中国曾得到赞誉，因为在本月标准普尔(S&P)成为首家下调美国信用评级的领先国际评级机构之前，大公就已两次下调美国主权评级，展现出远见。中国对标普、穆迪(Moodys)和惠誉(Fitch)这三大国际评级机构的威力持批评态度，誓言发展本土评级机构与其竞争，大公便是中国领先的评级机构之一。 但现在，大公正因其对铁道部的看法而在中国遭到批评和
11、嘲讽。 人气颇高的财经报纸21世纪经济报道称，大公的AAA评级非但没有让人们对铁道部放心，反而令人对其自身的可信度产生了疑虑。 大公在发给中国媒体的一份声明（英国金融时报看到了这份声明）中表示，它对政府和铁道部的评级分属两个不同的主体排序范围，不具有直接的可比性。 声明称：“国家将继续加大铁路建设投资，此举必然会增强铁道部的信用度。” 投资者的观点没有这么乐观。铁道部上周发行的90天期超短期融资券的发行利率达到了5.55%，较铁道部今年早些时候发行的同期限超短融利率高出163个基点。分析师们指出，铁道部的现金流似乎不足以覆盖其利息成本，而其总债务在中国庞大铁路投资计划的推动下继续攀升。铁道部的总债务在过去3年里已增至原有水平的三倍，达到2.091万亿元人民币（合3260亿美元），相当于中国国内生产总值(GDP)的大约5%。 7月23日发生动车追尾事故后，中国已暂停批准新的铁路建设项目，还降低了列车运行速度。 译者/和风
