穆迪投资者服务公司(Moody’s Investor Services)下调了中国的信用评级，理由是它预期随着债务的上升未来几年中国的财政实力会“受到一定程度的损害”，但它同时将其对中国的展望从负面调整为稳定。
That has put Chinese stocks on track for one of their biggest one-day drops this year and has seen the country’s currency weaken in morning trade.
这条消息引发了中国股市的下跌，并导致人民币汇率在早盘交易时段走弱。
The cut to China’s long-term local currency rating to A1 from Aa3 puts the country on par with Czech Republic, Estonia, Israel, Japan and Saudi Arabia.
中国长期本币发行人评级被从Aa3下调至A1，与捷克、爱沙尼亚、以色列、日本和沙特阿拉伯同级。
China’s A1 rating now puts it one notch below other sovereign borrowers, including Taiwan and Macau, and one notch above the likes of Bermuda, Botswana, Poland and Slovakia.
中国现在的A1评级要比台湾、澳门等其他主权借款者低一档，比百慕大、博茨瓦纳、波兰、斯洛伐克等高一档。
In justifying its move, Moody’s said China’s potential growth is likely to fall in coming years, making the economy increasingly reliant on policy stimulus. Moody’s continued: At least over the near term, with monetary policy limited by the risk of fuelling renewed capital outflows, the burden of supporting growth will fall largely on fiscal policy, with spending by government and government-related entities — including policy banks and state-owned enterprises (SOEs) — rising.
穆迪在解释此次下调的依据时表示，中国的潜在增长未来几年很可能会放缓，导致经济更加依赖政策刺激。穆迪还表示，因为货币政策受到引发新一轮资本外流的风险所制约，所以至少在短期内，政府将主要依靠财政政策来支持经济增长，造成政府和政府相关实体——包括政策性银行和国有企业——的支出上升。
Such stimulus will only add to rising debt across the whole economy, the Moody’s warned.
穆迪警告称，这样的刺激将导致整体经济体系的债务增加。
Economy-wide debt is also expected to increase further over coming years, and a planned reform programme will not have “sufficient impact, sufficiently quickly to contain the erosion of credit strength associated with the combination of rising economy-wide leverage and slower growth.”
穆迪预计，未来几年中国经济体系整体杠杆率将进一步上升，改革计划“不足以迅速产生影响来遏制经济杠杆率上升和经济增长放缓共同对信用实力的损害。”
The move brings Moody’s in line with rival agency Fitch, which has had an equivalent A+ rating on China since November 2007. Standard & Poor’s most recently upgraded China’s rating to AA-, which is equivalent to one notch above Moody’s new rating.
此次下调后，穆迪对中国的评级与对手机构惠誉(Fitch)达到一致。惠誉自2007年11月以来对中国的评级为A+，与穆迪的A1相当。标准普尔(Standard & Poor's)最近将中国的评级上调至AA-，相当于比穆迪的最新评级高一档。
