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考研英语阅读:《经济学人》读译参考TEXT 543

来源:passxmu.com   作者:聚英厦大考研网  浏览:240  发布时间:2019/1/9



经济学人:印度的非银行金融 (1)



CAN a big financial firm's credit rating fall from AAA one month——good enough for pension funds and life insurers——to junk the next without causing a crash?India's government decided it did not want to find out. Last week it granted Infrastructure Leasing and Financial Services (IL&FS),one of India's biggest shadow banks, a parachute. Plenty are worrying that it will not be enough.



As recently as early September, IL&FS raised few concerns. A couple of weeks later it had defaulted on several payments to creditors.By the end of the month it had said it would raise 45bn rupees ($630m) of fresh capital through a rights issue from its owners,including the Life Insurance Corporation of India, a state-owned insurer.On October 1st the government forced out the board and appointed a new one. It was, in effect, a shadow-bank bail-out.



IL&FS is a very Indian beast. It was founded in 1987, with the support of state owned banks, to provide finance to local governments for infrastructure.It has grown into a vast conglomerate, with 169 group companies.It finances, builds and runs everything from toll roads to "smart cities", not just in India but abroad.Though it is private, the projects it runs, and the roughly 40% of its equity that is owned by nationalised firms,make it what Indian analysts call "quasi-sovereign". If it went bust, projects across the country would stall, leaving taxpayers on the hook.


IL&FS是一家非常印度式的强硬公司。在国有银行的支持下,该公司于1987年成立,为当地政府基础设施建设提供资金。该公司旗下有169家集团公司,已经成长为了一家大型企业集团 。该公司资助、建立并运营一切事物,比如收费公路和“智能城市”,且不仅仅是在印度还在海外。虽然是私有企业,但它的运营项目及其约40%的股权都由国有公司所有,因此印度分析师称其为“半独立”。如果该公司破产,全国的项目将停滞不前,纳税人也会因此被套牢。

As India's state-owned banks have sought to repair their ropy balance-sheets,IL&FS, which lends but does not take deposits, grew to satisfy demand for infrastructure finance.Its own debt nearly doubled from 2014 to 2018, to 910bn rupees. It used to borrow mainly from banks.



Recently it has turned to the corporate-bond market. More than a third of its debt falls due within 12 months, up from a fifth a year ago.The problem is that most of its assets are long-term, illiquid projects. This year interest due overtook operating profit; hence the cash crunch.




1.credit rating 信用等级

But Cahoot's overdraft rate depends on your credit rating.


2.default 不履行;违约

The credit card business is down, and more borrowers are defaulting on loans


3.seek to 设法;试图

He also denied that he would seek to annex the country


4.overtake 超过

Nuclear energy may overtake oil as the main fuel.



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