标普下调复星评级展望至负面

 S&P yesterday lowered its outlook on Fosun International’s BB-minus rating to negative, illustrating¹ that even rating agencies cannot agree on the risks of a debt-fuelled deal spree.

标准普尔(S&P)昨日将复星国际(Fosun International)的评级展望从BB-下调至负面，这表明就连各评级机构也无法就债务驱动的并购热潮的风险形成共识。

The move came just a month after rival Moody’s took a more sanguine² view of the Chinese conglomerate³, upgrading its outlook on the ratings of Fosun Group’s flagship listed company from “negative” to “stable”.

就在一个月前，标普竞争对手穆迪(Moody’s)对这家中国综合企业集团持更乐观态度，将复星国际旗舰上市公司的评级展望从“负面”上调至“稳定”。

Fosun, founded by Guo Guangchang, is China’s largest private company and also one of its most acquisitive.

复星国际由郭广昌创建，是中国最大民营企业，也是最具收购意识的中国企业之一。

It has scooped⁴ up Club Med, the French holiday operator, a stake in Cirque du Soleil and another in Thomas Cook, the UK holiday group. The group has also spent more than $4bn buying insurance assets.

该集团一举收购法国度假运营商地中海俱乐部(Club Med)，购入太阳马戏团(Cirque du Soleil)部分股权，同时持有英国度假集团Thomas Cook部分股权。该集团还斥资逾40亿美元收购保险资产。

But Fosun has recently gone quiet on the deal front after Mr Guo disappeared for four days in December in connection with a Chinese corruption⁵ probe. He was not a target of the investigation⁶ but was helping⁷ authorities, people close to the company said at the time.

但在去年12月郭广昌因协助一桩中国腐败调查失踪4天后，复星最近在并购方面偃旗息鼓。当时据了解该公司的人士称，他并非腐败调查的目标，而是在协助官方调查。

Fosun has aimed to copy the success of Warren Buffett by using its insurance operations to provide fresh investment capital for new deals. But S&P said yesterday that the group was still reliant on its other units to generate profits in the near term.

复星力求仿效沃伦?巴菲特(Warren Buffett)的成功，利用保险业务为新的交易提供新的投资资金。但标普昨日表示，该集团近期内仍将依赖其他业务实现盈利。

“The negative outlook reflects our expectation that Fosun’s leverage⁸ for its industrial operations will remain high over the next 12 months,” S&P said.

标普表示：“负面展望反映出我们预期，未来12个月期间复星工业业务的杠杆将居高不下。”

“The prospect⁹ of a material leverage reduction is uncertain, despite our expectation that Fosun will focus on consolidating¹⁰ its existing investments instead of more aggressive acquisitions in the near term.”

“杠杆实质性下降的前景仍不确定，尽管我们预计，复星近期将把重点放在整合现有投资方面，而非更多咄咄逼人的并购。”

Moody’s, however, seems more confident. It revised the company to a stable Ba3 outlook (equivalent to BB at S&P) last month, writing: “The stable outlook reflects Fosun’s demonstrated ability to maintain its access to the funding markets and improve its debt maturity¹¹ profile, as well as Moody’s expectation that the company will prudently¹² manage its expansion and strengthen its financial profile according to plan.”

然而，穆迪似乎更有信心。上月，该机构将其对该公司的评级展望调整至稳定的Ba3（相当于标普的BB级），并写道：“稳定展望反映出，复星展现出有能力继续利用融资市场并改善其债务期限结构，还反映出穆迪预计，复星将按计划审慎管理其扩张并强化其财务状况。”

According to S&P, Fosun’s non-financial assets accounted for 45 per cent of its total assets, but 81 per cent of its revenues at the end of last year.

据标普称，复星的非金融资产占全部资产的45%，但去年底占到了收入的81%。

Shares are down 8.6 per cent this year.

复星股价今年累计下跌8.6%。

1 illustrating   

给…加插图( illustrate的现在分词 )； 说明； 表明； （用示例、图画等）说明

参考例句：

• He upstaged the other speakers by illustrating his talk with slides. 他演讲中配上幻灯片，比其他演讲人更吸引听众。
• Material illustrating detailed structure of graptolites has been etched from limestone by means of hydrofluoric acid. 表明笔石详细构造的物质是利用氢氟酸从石灰岩中侵蚀出来。

2 sanguine   

adj.充满希望的，乐观的，血红色的

参考例句：

• He has a sanguine attitude to life.他对于人生有乐观的看法。
• He is not very sanguine about our chances of success.他对我们成功的机会不太乐观。

3 conglomerate   

n.综合商社，多元化集团公司

参考例句：

• The firm has been taken over by an American conglomerate.该公司已被美国一企业集团接管。
• An American conglomerate holds a major share in the company.一家美国的大联合企业持有该公司的大部分股份。

4 scooped   

v.抢先报道( scoop的过去式和过去分词 )；（敏捷地）抱起；抢先获得；用铲[勺]等挖（洞等）

参考例句：

• They scooped the other newspapers by revealing the matter. 他们抢先报道了这件事。 来自《简明英汉词典》
• The wheels scooped up stones which hammered ominously under the car. 车轮搅起的石块，在车身下发出不吉祥的锤击声。 来自《简明英汉词典》

5 corruption   

n.腐败，堕落，贪污

参考例句：

• The people asked the government to hit out against corruption and theft.人民要求政府严惩贪污盗窃。
• The old man reviled against corruption.那老人痛斥了贪污舞弊。

6 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

7 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

8 leverage   

n.力量，影响；杠杆作用，杠杆的力量

参考例句：

• We'll have to use leverage to move this huge rock.我们不得不借助杠杆之力来移动这块巨石。
• He failed in the project because he could gain no leverage. 因为他没有影响力，他的计划失败了。

9 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

10 consolidating   

v.（使）巩固， （使）加强( consolidate的现在分词 )；（使）合并

参考例句：

• These measures are meant for consolidating the system of basic medical care. 这些举措旨在夯实基层医疗体系，让老百姓看大病不必出远门。 来自互联网
• We are consolidating the Chinese and English versions of our homepage. 我们将为您提供中英文版本一起的主页。 来自互联网

11 maturity   

n.成熟；完成；(支票、债券等)到期

参考例句：

• These plants ought to reach maturity after five years.这些植物五年后就该长成了。
• This is the period at which the body attains maturity.这是身体发育成熟的时期。

12 prudently   

adv. 谨慎地，慎重地

参考例句：

• He prudently pursued his plan. 他谨慎地实行他那计划。
• They had prudently withdrawn as soon as the van had got fairly under way. 他们在蓬车安全上路后立即谨慎地离去了。