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Shares in Noble Group rose 4.5 per cent after the commodity trading company sold the remaining stake in an agricultural business for $750m — but the deal drew a cool response from a leading rating agency.
来宝集团(Noble Group)股价飙升4.5%，此前这家大宗商品贸易公司以7.5亿美元出售了其在一家农业企业持有的剩余股份，但一家领先的信用评级机构对该交易反应冷淡。
According to the Hong-Kong based company, selling its 49 per cent stake in Noble Agri to Cofco, China’s state-backed grain business, would place its “financial metrics... excess of those required for an investment grade credit”.
这家总部位于香港的公司表示，将其持有的来宝农业(Noble Agri)的49%股份出售给中国国有粮食贸易商中粮集团(Cofco)，将让其“财务指标……远远超出投资级信用评级的要求”。
However, credit rating agency Standard & Poor’s took a different view. While the disposal will reduce debt and eliminate about $670m of liabilities, S&P said Noble’s liquidity headroom — the difference between its cash resources and the debt it must refinance over the next year — was still weak for a company with an investment grade credit rating.
然而，信用评级机构标准普尔(Standard & Poor’s)对此有不同看法。标普表示，尽管此次出售将会减少债务并消除大约6.7亿美元的负债，但对于一家拥有投资级信用评级的公司来说，来宝的流动性空间（其现金资源与明年必须再融资的债务之间的差额）仍显疲弱。
“Furthermore, we believe the sale of Noble Agri has changed Noble’s business composition and somewhat reduced its business diversity, competitive position, and relationship with Cofco,” the agency said.
标普表示：“此外，我们认为出售来宝农业改变了来宝的业务组合，在某种程度上减弱了其业务多元化程度、竞争地位以及与中粮的关系。”
S&P and another rating agency, Moody’s, have told Noble to raise at least $500m cash by the time of its annual results in February, or face a downgrade to junk status — a move that could dent the profitability of its core commodity trading business.
标普和另一家评级机构穆迪(Moody’s)此前要求来宝在明年2月发布年报前筹集至少5亿美元，否则其评级可能被下调至垃圾级——那可能打压其核心的大宗商品贸易业务的盈利能力。
”We will evaluate the full impact of the Noble Agri sale and any other transactions completed by the company,” S&P added. “Our review will also focus on the competitive position of Noble after the sale of its agriculture segment”.
标普补充称：“我们将评估出售来宝农业以及该公司完成的其他交易的全面影响。我们的评估还将聚焦于来宝出售农业部门之后的竞争力地位。”
Hong-Kong based Noble is one of the biggest commodity traders in Asia, moving millions of tonnes of coal, iron ore, oil and other commodities around the world.
总部位于香港的来宝集团是亚洲最大的大宗商品贸易商之一，在世界各地从事数量巨大的煤炭、铁矿石、石油以及其他大宗商品的交易。
It shares have fallen almost 60 per cent this year, reducing its market value to $2.1bn, after a group called Iceberg Research published reports that questioned Noble’s accounting practices and the way it booked profits on deals long before receiving cash from them.
来宝股价今年下跌近60%，使得其市值降至21亿美元，此前一个名为“冰山研究”(Iceberg Research)的团体发布报告质疑来宝的会计操作，并指责称，来宝早在收到交易的收入之前就把利润计入账目。
Noble has defended itself against the accusations and had PwC review how it accounted for these deals. PwC concluded that the deals fell within international standards.
来宝集团针对这些指控进行了辩护，并请普华永道(PwC)审核其对这些交易的入账方式。普华永道得出结论称，这些交易符合国际标准。
The Singapore-listed company plans to use the entire proceeds from the sale to pay down adjusted net debt, which stood at $2.5bn when it reported third-quarter results at the end of September. It shares closed up 4.5 per cent to S$0.46 on Wednesday.
这家在新加坡上市的公司计划利用此次售股的全部所得来偿还调整后的净债务——该公司在今年9月底发布第三季度财报时的净债务为25亿美元。周三，来宝集团股价收涨4.5%，至0.46新加坡元。
“The stake sale, once completed, will allow Noble to improve its balance sheet structure immediately,” commented Fitch, another rating agency. Proceeds from the sale could rise a further $200m, depending on future growth of Noble Agri.
另一家信用评级机构惠誉(Fitch)表示：“此次股权出售一旦完成，将让来宝立即改善其资产负债表结构。”售股所得可能再增加2亿美元，这取决于来宝农业的未来增长。
But Noble will be forced to record a $546m loss on the disposal because the stake was valued on its balance sheet at $1.34bn. This will “materially” affect its profits for the year to December, the company said.
但来宝将被迫对此次售股计入5.46亿美元的损失，因为这块业务之前在其资产负债表上的估值达到13.4亿美元。该公司表示，这将对其截至12月的全年盈利产生“实质性”影响。
Cofco paid $1.5bn for its 51 per cent stake in Noble Agri last year. It subsequently placed the holding into a new company with China Investment Corp, the sovereign wealth fund.
中粮去年斥资15亿美元购得来宝农业51%的股份。随后将这些股份注入其与主权财富基金——中国投资公司(CIC)成立的一家新公司。
Its aim was to create an international agricultural business with the muscle and reach to compete with the agricultural “ABCDs” — Archer Daniels Midland, Bunge, Cargill and Louis Dreyfus Commodities.
中粮的目标是创建一家国际农产品交易商，在实力和业务范围上足以抗衡有“ABCD”之称的全球四大粮商：阿彻丹尼尔斯米德兰(Archer Daniels Midland)、邦吉(Bunge)、嘉吉(Cargill)以及路易达孚(Louis Dreyfus Commodities)。
