来宝集团信用评级被降至垃圾级

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.

正在与激进会计指控做斗争的大宗商品交易商来宝集团(Noble Group)周二遭遇又一个打击。出于对该公司债务再融资能力的担忧，穆迪(Moody's)将其信用评级下调至垃圾级。

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.

评级下调可能对来宝核心的交易业务带来重大冲击波，这块业务要依赖廉价的信贷才能和嘉能可(Glencore)、托克(Trafigura)和维多(Vitol)等更大的对手竞争。

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，来宝集团似乎已采取足够行动维持其投资级评级。该集团本月达成协议，将其在一家农业交易合资企业的剩余股份转让给中国的中粮集团(Cofco)，筹集7.5亿美元资金。

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，穆迪表示这一拟议中的变卖举措，并未消除对来宝集团流动性空间（即其现金资源与其未来一年必须再融资的债务之间的差距）和其低盈利能力的担忧。

“The downgrade of Noble’s ratings reflects Moody’s concerns over the company’s liquidity,” said Joe Morrison of Moody’s.

穆迪的乔莫里森(Joe Morrison)表示：“对来宝集团评级的下调，反映了穆迪对该公司流动性的担忧。”

“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.”

“这次下调还表明，考虑到我们对漫长的大宗商品下行周期的预期，在相关因素是否会出现可持续和实质性好转的问题上，存在不确定性。”

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.

对于在新加坡上市的来宝集团而言，穆迪此举为其处境艰难的一年画上了句号。在该集团业绩疲软并由于会计行为而受到反复质疑之后，该集团股票自今年1月以来已下跌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.

一个名为“冰山研究”(Iceberg Research)的组织曾声称，来宝集团虚报资产价格，并在从交易中回笼现金很久之前就将其盈利入账。

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.

来宝集团已针对这些指控开展了辩护，并已委托普华永道(PwC)审核其长期大宗商品交易的会计行为。普华永道已认定，来宝的财报符合业界行为。

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.

根据穆迪的数据，9月底来宝集团的净债务为42亿美元，是其在经调整后的息税折旧及摊销前利润(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.

来宝集团表示，“不幸的是”，穆迪对大宗商品价格的“负面看法”，“压过了”将来宝农业(Noble Agri) 49%股份转让给中粮集团的举措。目前，大宗商品价格已跌至金融危机以来的最低水平。

“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.

来宝集团补充说：“虽然我们尊重穆迪的决定，但我们坚定认为：一旦刚刚宣布的来宝农业交易完成，我们在评级方面的指标将大大超出投资级信用评级的要求。”