金融英语chapter nine Credit Rating Agencies.ppt

Financial English Chapter Nine Credit Rating Agencies Learning objective: Lead-in questions Lead-in questions Background knowledge Introduction to Credit Rating Agencies Glossary Glossary Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Phrases Special Terms Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Notes to the text Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises Key to exercises 8. mark-to-market accounting rules 公允价值会计准则 公允价值会计准则，英文为Fair　Value　Accounting　Rules，亦称Mark　to　Market　Accounting Rules。公允价值会计准则具体是指以市场价值或未来现金流量的现值作为资产和负债的主要计量属性的会计模式。在现实生活中，由于会计准则对于会计记账的原则性指导作用，一些准则的变动会造成公司的资产规模和盈利水平的巨大变化，从而会改变投资者对公司股票的估值，导致股价的大幅波动。例如，在2009年4月初，美国财务会计准则委员会同意将在把公允价值会计准则适用于不良资产的问题上给予银行更多的灵活性，消息一出，美国股市立即上涨。 9. the authorities set conditions on the permit to carry dubious assets at historic cost 监管当局在将可疑资产以历史成本计价的准许问题上设立了条件 carry an asset at historic cost简而言之是指在会计做账时，将某一资产的价值用历史成本法记账，即以经济业务发生时的取得成本为标准进行计量计价。遵循历史成本计价有其合理性，而其局限性在于当市场出现较大变化，例如物价波动较大或币值不稳定时，历史成本就不能真实体现会计主体的财务状况和经营业绩，从而削弱会计信息的有用性，影响公司以此决策的效果。 10. “investment grade” securities 投资级证券 Investment grade is a rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such as Standard Poors, use different designations consisting of upper- and lower-case letters “A” and “B” to identify a bonds credit quality rating. For example, “AAA” means the highest credit quality and “A” and “BBB” refer to medium cr