日期:2016-01-06 09:59


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.


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.


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.


“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.”


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.


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.


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.


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.


  • statusn. 地位,身份,情形,状况
  • unfortunateadj. 不幸的,令人遗憾的,不成功的 n. 不幸的人
  • jointadj. 联合的,共同的,合资的,连带的 n. 关节,接
  • aggressiveadj. 侵略的,有进取心的,好斗的
  • downgradevt. 使降低,使降级
  • staken. 桩,赌注,利害关系 v. 下注,用桩支撑
  • consistentadj. 始终如一的,一致的,坚持的
  • decisionn. 决定,决策
  • profitabilityn. 赢利能力;利益率;收益性
  • liquidityn. 流动性;流动资产;偿债能力