锟节筹拷锟斤拷锟斤拷锟矫憋拷锟秸的凤拷锟斤拷锟叫撅拷锟斤拷锟斤拷冢锟斤拷锟斤拷曳锟斤拷詹锟斤拷锟斤拷锟酵?锟斤拷锟斤拷权锟斤拷锟秸ｏ拷前锟竭碉拷锟叫撅拷锟斤拷围锟斤拷为全锟芥，锟叫撅拷锟斤拷锟捷革拷为锟结富锟斤拷锟斤拷锟角ｏ拷锟斤拷权锟斤拷锟斤拷锟斤拷锟斤拷曳锟斤拷锟斤拷锟斤拷锟斤拷锟截ｏ拷锟角癸拷锟揭凤拷锟斤拷锟叫撅拷锟斤拷锟斤拷锟叫碉拷锟斤拷要锟斤拷锟捷★拷锟斤拷权锟斤拷锟秸变动锟角碉拷锟铰癸拷锟揭凤拷锟秸变动锟斤拷锟斤拷要锟斤拷锟斤拷之一锟斤拷锟斤拷权锟斤拷锟斤拷锟斤拷锟斤拷锟角癸拷锟揭凤拷锟斤拷锟斤拷锟桔碉拷锟斤拷要锟轿匡拷指锟疥。锟斤拷锟揭ｏ拷锟斤拷锟斤拷锟斤拷锟矫憋拷锟斤拷业锟斤拷实锟斤拷锟斤拷然锟截伙拷锟杰碉拷目锟斤拷锟斤拷锟斤拷锟饺?锟斤拷锟斤拷状锟斤拷锟斤拷锟斤拷锟接帮拷臁ｏ拷锟剿ｏ拷锟斤拷锟街讹拷锟斤拷权锟斤拷锟斤拷状锟斤拷锟侥革拷锟斤拷锟角癸拷锟揭凤拷锟斤拷锟叫撅拷锟斤拷锟斤拷锟斤拷锟斤拷要锟斤拷锟斤拷之一锟斤拷

    目前锟斤拷锟斤拷锟斤拷准锟秸讹拷锟斤拷S&P锟斤拷锟斤拷锟铰迪ｏ拷Moody锟斤拷锟酵伙拷锟斤拷锟斤拷Fitch锟斤拷锟饺达拷统锟斤拷权锟斤拷锟斤拷锟斤拷锟斤拷之锟解，锟斤拷锟斤拷透锟接ｏ拷Global Insight锟斤拷锟斤拷英锟斤拷锟斤拷锟斤拷学锟斤拷锟介报锟界（EIU锟斤拷锟斤拷专业锟斤拷锟斤拷锟叫撅拷锟斤拷锟斤拷也锟斤拷锟斤拷权锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫伙拷锟斤拷锟斤拷展锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟皆凤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷实锟较ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟窖癸拷锟斤拷锟剿革拷锟叫撅拷锟斤拷锟斤拷摹锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟? 锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷权锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭伙拷锟斤拷潭锟斤拷锟斤拷芄锟斤拷嗷ビ≈わ拷锟斤拷嗷ワ拷锟斤拷洌?锟斤拷锟斤拷锟斤拷要锟侥参匡拷锟斤拷值锟斤拷

    锟斤拷锟节此ｏ拷锟斤拷2008锟斤拷2锟斤拷锟斤拷锟揭诧拷锟斤拷锟皆★拷锟斤拷锟斤拷锟斤拷息锟斤拷锟劫★拷为锟斤拷锟藉，锟斤拷锟节伙拷锟斤拷锟斤拷锟斤拷S&P锟斤拷Moody锟斤拷Fitch 锟斤拷Global Insight锟斤拷锟侥家伙拷锟斤拷锟斤拷锟斤拷权锟斤拷锟斤拷锟戒动锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷卤涠?锟侥关硷拷原锟斤拷锟皆癸拷锟斤拷锟斤拷锟斤拷锟斤拷锟轿匡拷锟斤拷锟皆憋拷锟斤拷锟斤拷锟揭诧拷锟斤拷锟节硷拷锟叫的癸拷锟斤拷锟斤拷锟斤拷锟较ｏ拷锟斤拷一锟斤拷锟斤拷锟斤拷EIU 锟斤拷权锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷态锟斤拷锟接讹拷实锟街对癸拷锟斤拷锟斤拷要锟斤拷权锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷全锟斤拷锟斤拷佟锟?

    锟节憋拷锟节★拷锟斤拷锟斤拷锟斤拷息锟斤拷锟劫★拷锟叫ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷式锟斤拷锟斤拷锟结供锟斤拷2008 锟斤拷3锟斤拷末锟斤拷锟斤拷锟斤拷锟节★拷锟斤拷要锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷权锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟劫★拷锟斤拷锟捷斤拷锟斤拷锟姐）锟斤拷锟斤拷锟斤拷S&P锟斤拷Moody锟斤拷Fitch锟斤拷Global Insight锟斤拷锟侥家伙拷锟斤拷锟皆帮拷锟斤拷锟斤拷18 锟斤拷锟斤拷锟斤拷权锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷猓?锟斤拷锟斤拷锟皆革拷锟斤拷锟斤拷式全锟斤拷锟结供EIU锟斤拷120锟斤拷目锟斤拷锟斤拷锟斤拷锟饺?锟斤拷锟斤拷锟斤拷锟斤拷锟铰斤拷锟斤拷锟轿达拷锟斤拷锟斤拷锟斤拷展锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟戒化锟斤拷锟斤拷示要锟姐，锟斤拷锟斤拷原锟斤拷

    一锟斤拷锟斤拷锟斤拷

锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷锟斤拷(S&P)
锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟饺?锟斤拷锟斤拷锟斤拷BB 锟斤拷锟较碉拷锟斤拷BB B锟斤拷锟斤拷锟斤拷锟斤拷展锟斤拷为锟饺讹拷(Stable)锟斤拷
原锟斤拷锟斤拷锟?
锟斤拷锟斤拷锟斤拷锟截ｏ拷
1.锟斤拷锟街憋拷锟酵讹拷锟斤拷锟斤拷樱锟斤拷锟斤拷锟角匡拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟角帮拷锟斤拷止郏锟?
2.锟斤拷债锟斤拷锟节硷拷锟劫ｏ拷锟斤拷愦?锟斤拷锟斤拷锟接ｏ拷
3.锟斤拷劬锟斤拷锟斤拷锟斤拷呒锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷诔锟斤拷臁?
锟斤拷锟斤拷锟斤拷锟截ｏ拷
1.债锟今负碉拷偏锟竭ｏ拷锟斤拷锟斤拷状锟斤拷锟斤拷锟饺讹拷锟斤拷锟斤拷锟斤拷锟斤拷锟街结构锟斤拷锟斤拷锟解；
2.锟截硷拷锟斤拷锟斤拷母锟斤拷秃螅?匡拷锟斤拷锟接伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷债锟侥诧拷锟斤拷锟斤拷
锟斤拷注
1.锟铰碉拷(Moody)锟酵伙拷锟斤拷(Fitch)目前锟斤拷锟斤拷锟斤拷为BB+锟斤拷
2.Global Insight 目前锟皆帮拷锟斤拷锟斤拷锟斤拷锟斤拷为45(BB+)锟斤拷锟斤拷锟斤拷展锟斤拷为锟饺讹拷(Stable)锟斤拷
3.锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟杰革拷锟斤拷锟斤拷盏牡锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷习锟斤拷锟酵讹拷锟斤拷锟斤拷锟斤拷牡锟轿伙拷锟?

    锟斤拷锟斤拷锟斤拷锟斤拷路斯

锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷锟斤拷(S&P)
锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷锟斤拷锟斤拷锟斤拷权锟斤拷锟斤拷锟斤拷A 锟较碉拷锟斤拷A+锟斤拷锟斤拷锟斤拷展锟斤拷为锟饺讹拷(Stable)锟斤拷
原锟斤拷锟斤拷锟?
1.锟斤拷锟斤拷盈锟斤拷锟侥ｏ拷洗锟?
2.锟斤拷锟斤拷2008 锟斤拷锟斤拷锟绞斤拷锟斤拷锟脚吩?锟斤拷锟斤拷锟斤拷愿霉锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷俳锟斤拷锟斤拷茫锟?
锟斤拷锟斤拷锟斤拷锟竭和诧拷锟斤拷预锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟?
锟斤拷锟斤拷锟脚达拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷头预锟狡伙拷锟斤拷锟斤拷锟?
锟斤拷锟斤拷锟节斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟绞凤拷锟秸★拷
锟斤拷注 锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷展锟斤拷锟斤拷为锟饺讹拷(Stable)锟斤拷

    锟斤拷锟斤拷锟斤拷锟斤拷

锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷锟斤拷(S&P)
锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷锟斤拷锟斤拷锟斤拷权锟斤拷锟斤拷锟斤拷A锟斤拷锟铰碉拷锟斤拷A锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷展锟斤拷锟斤拷为锟斤拷锟斤拷(Negative)锟斤拷
原锟斤拷锟斤拷锟?
1.锟节癸拷锟斤拷锟脚达拷锟斤拷锟斤拷锟侥憋拷锟斤拷锟铰ｏ拷锟斤拷锟斤拷诰锟斤拷锟斤拷锟斤拷锟狡斤拷锟斤拷锟斤拷锟劫较讹拷锟斤拷锟斤拷锟节斤拷锟节凤拷锟斤拷锟斤拷锟秸斤拷锟?
锟斤拷业锟斤拷锟斤拷锟解部锟斤拷锟斤拷压锟斤拷锟斤拷锟斤拷
锟较高碉拷锟绞斤拷杀锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟接?锟斤拷锟斤拷锟斤拷锟斤拷
2.锟斤拷锟斤拷债锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷
3.锟斤拷锟斤拷锟斤拷锟绞达拷锟斤拷锟街碉拷锟?
4.未锟斤拷锟斤拷锟疥经锟矫达拷锟斤拷锟斤拷锟斤拷锟侥匡拷锟杰★拷

锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷锟斤拷(Fitch)
锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷权锟斤拷锟斤拷确锟斤拷为A+锟斤拷锟铰碉拷锟斤拷锟斤拷锟斤拷锟秸癸拷锟斤拷锟斤拷锟斤拷锟?(Negative)锟斤拷
原锟斤拷锟斤拷锟?
锟斤拷锟斤拷锟斤拷锟截ｏ拷 锟斤拷锟斤拷锟斤拷要锟斤拷锟叫撅拷营压锟斤拷锟斤拷锟斤拷锟脚达拷锟斤拷锟斤拷窕?★拷
锟斤拷锟斤拷锟斤拷锟截ｏ拷 锟斤拷锟斤拷锟斤拷锟斤拷锟饺较斤拷锟斤拷锟斤拷锟斤拷锟斤拷债锟今负碉拷锟斤拷锟结。

锟斤拷锟斤拷锟斤拷锟斤拷 Global Insight
锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷锟斤拷展锟斤拷锟缴伙拷锟斤拷锟斤拷Positive锟斤拷锟铰碉拷为锟斤拷锟斤拷(Negative)
原锟斤拷锟斤拷锟?
1.锟解部锟斤拷锟节伙拷锟斤拷锟今化ｏ拷锟斤拷锟斤拷锟斤拷锟叫诧拷锟脚讹拷锟解部锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟襟，碉拷锟斤拷锟绞斤拷杀锟斤拷锟斤拷锟斤拷锟?
2.锟斤拷锟斤拷锟斤拷系锟斤拷为锟斤拷锟斤拷锟斤拷
锟斤拷注 Global Insight 锟斤拷锟斤拷锟斤拷权锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷15(A+)锟斤拷

    锟侥★拷锟斤拷锟斤拷

锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷锟斤拷(Fitch)
锟斤拷锟斤拷锟斤拷锟斤拷 锟斤拷锟斤拷锟斤拷锟斤拷壹锟斤拷锟斤拷业姆锟斤拷锟斤拷锟轿ピ硷拷锟斤拷锟?(IDR)为B+锟斤拷锟斤拷锟斤拷锟斤拷锟?IDR 为B锟斤拷锟斤拷锟斤拷展锟斤拷为锟饺讹拷(Stable)锟斤拷
原锟斤拷锟斤拷锟? 锟斤拷锟绞斤拷锟斤拷顺锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷值为3.75 锟斤拷欧元锟斤拷债券锟斤拷