Global credit conditions' outlook looking more negative this year - Moody's
Moody's Investors Service (Moody’s) said the outlook for global credit conditions this year has turned more negative amidst slower global growth, rising borrowing costs, surging prices for energy and commodities, supply-chain disruption and increased financial market volatility.
Moody’s投资者服务公司（Moody’s）表示，在全球增长放缓、借贷成本上升、能源和商品价格飙升、供应链中断和金融市场波动加剧。
In a report on 30th June, it said the surge in energy and food costs spurred by the invasion of Ukraine is weakening the purchasing power of households, raising input costs for companies and dampening investor sentiment.
在6 月 30 日的一份报告中，它表示乌克兰入侵引发的能源和食品成本飙升正在削弱家庭的购买力，提高公司的投入成本并抑制投资者情绪。
“Among sovereign debt issuers, debt sustainability will be especially challenging for many frontier market sovereigns as borrowing costs keep rising while their economies still have not fully recovered from the pandemic crisis," said credit strategy managing director Elena H Duggar.
信贷策略董事总经理 Elena H Duggar 表示：“在主权债务发行人中，债务可持续性对许多前沿市场主权国家而言尤其具有挑战性，因为借贷成本持续上升，而它们的经济仍未完全从大流行危机中恢复过来。”
Still, credit fundamentals remain generally healthy for higher-rated debt issuers, as credit metrics recovered in 2021 and liquidity remains strong overall, she said.
不过，她表示，随着信用指标在 2021 年恢复，流动性总体上仍然强劲，评级较高的债务发行人的信用基本面总体上仍然健康。
However, for speculative-grade issuers with low free cash flow and a high portion of floating-rate debt, debt affordability, liquidity and refinancing risks are rising.
然而，对于自由现金流量低、浮动利率债务比例高的投机级发行人而言，债务承受能力、流动性和再融资风险正在上升。
She added that as central banks start to raise interest rates in response to high inflation, financial market conditions are tightening across continents.
她补充说，随着中央银行开始提高利率以应对高通胀，各大洲的金融市场状况正在收紧。
Meanwhile, Moody's proprietary regional Financial Condition Indicators -- composite measures of financial and economic activities -- have been showing a steady tightening of financial conditions since February.
与此同时，穆迪专有的区域金融状况指标——金融和经济活动的综合衡量指标——自 2 月以来一直显示金融状况稳步收紧。
It noted that currently, financial conditions across the United States, United Kingdom, the Euro area and emerging markets were less favourable than historical averages, and will continue to tighten as interest rates climb.
它指出，目前，美国、英国、欧元区和新兴市场的金融状况不如历史平均水平，并将随着利率攀升而继续收紧。