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The chief executive of Noble Group has questioned Moody’s decision to downgrade the commodity trader’s credit rating to junk status, saying weak raw material prices would not affect its profitability.
来宝集团(Noble Group)首席执行官质疑穆迪(Moody’s)调降这家大宗商品交易商的信用评级至垃圾级的决定，称原材料价格疲弱不会影响其盈利能力。
In a combative letter to staff, seen by the Financial Times, Yusuf Alireza said the “unexpected” downgrade had also overlooked the “positive ratings impact” from a recent agreement to sell its remaining stake in an agricultural trading joint venture for $750m.
在一封发给员工的义愤填膺的信中（英国《金融时报》看到了这封信），优素福阿里雷扎(Yusuf Alireza，上图)表示，这一“出乎意料的”降级忽略了最近一项协议的“积极评级影响”，他指的是出售来宝在一家农业交易合资公司所持剩余股份、回笼7.5亿美元的交易。
Moody’s downgrade is the latest blow to Noble. Its shares plunged this year amid questions about the company’s accounting and a collapse in commodity prices, even as Noble’s energy trading business outperformed.
穆迪的降级是来宝受到的最新打击。其股价今年以来暴跌，其背景是有人对该公司的会计操作提出质疑，以及大宗商品价格崩盘，即便来宝的能源交易业务表现好于平均水平。
Noble’s leverage, poor profitability and negative cash flow were among the reasons cited by Moody’s for its downgrade announced after the market close on Tuesday.
来宝的杠杆率、糟糕盈利能力以及负现金流，是穆迪在周二市场收盘后宣布将其降级时援引的其中几个理由。
Noble’s Singapore-listed shares fell 9.1 per cent to close at S$0.40 on Wednesday.
来宝在新加坡上市的股票周三下跌9.1%，收于0.40新加坡元。
“It seems that Moody’s credit committee were not able to differentiate between an environment that is clearly challenging for upstream players and one that opens up opportunities for an asset light trader like ourselves,” said Mr Alireza, a former Goldman Sachs banker, in his letter to Noble staff.
“看来，穆迪的信用委员会不能在一个显然对上游企业具有挑战性的环境和一个为我们这样的轻资产交易商开启机遇的环境之间作出区分，”曾经是高盛(Goldman Sachs)银行家的阿里雷扎在写给员工的信中表示。
Oil majors and mining groups have been hit hard by the drop in commodity prices, but some commodity traders are enjoying favourable operating conditions.
大型石油公司和矿业集团已受到大宗商品价格下滑的沉重打击，但一些大宗商品交易商正在得益于有利的经营条件。
Like many of its rivals, Hong-Kong based Noble has delivered strong results in oil trading this year because of a global supply glut that created opportunities to make money from storing and transporting crude.
像许多竞争对手一样，总部位于香港的来宝今年在石油交易业务领域业绩表现强劲，因为全球供应过剩带来了从储存和运输原油中赚钱的机遇。
Other parts of Noble’s business have struggled however. The company’s net profit fell 84 per cent to $24.7m in the three months to September 30, compared with one year earlier. At that time Noble’s adjusted net debt stood at $4.2bn, or 3.6 times its earnings before interest, tax, depreciation and amoritisation, according to Moody’s.
然而，来宝的其他业务部门陷入经营困难。该公司在截至9月30日的三个月期间净利润同比下降84%，至2470万美元。根据穆迪的数据，9月底来宝集团经调整后的净债务为42亿美元，是其息税折旧及摊销前利润(EBITDA)的3.6倍。
Noble has almost $3bn of short-term debt it must repay or refinance over the next 12 months.
来宝在未来12个月有近30亿美元的短期债务必须偿还或再融资。
Noble’s agreement this month to sell its remaining stake in an agricultural trading business to China’s Cofco was designed, in part, to raise funds and avert a downgrade.
来宝在12月达成协议，将其在一家农业交易企业的剩余股份出售给中国的中粮集团(Cofco)。这笔交易在一定程度上就是为了募集资金，避免降级。
