Izvi zvinosanganisira zvinhu zvakasiyana-siyana, zvakadai sesimba remari yevaripo uye ramangwana rayo, uye vanobvumira vashandi kuti vanzwisise kuti vangangodaro kusungwa chii kana kukundikana kuita zvido zvayo uye zvikwereti zvikuru panguva.
Rating Factors
Masangano ehurumende anotarisa pane zvimwe zvinhu zvinosanganisira:
Simba rezhizha rebhadhiro racho. Nokuda kwekambani, izvi zvinosanganisira simba rekusimudza mari uye chikwereti chayo chose. Kune dzimwe nyika, inosanganisira zvikamu zvavo zvose zvekwereti , chikwereti -ku-GDP chikwata , uye ukuru uye kutungamirirwa kwekukanganiswa kwebhajheji yavo.
Kuburitsa komunhu kukwanisa kubhadhara chikwereti chayo nemari yakasiyiwa mushure mekunge mari inodzingwa kubva pane mari.
Mamiriro emabasa omubatsiri. Kune kambani, kuongororwa kwakavakirwa pamamiriro ezvinhu epamabhizimisi aripo zvino kusanganisira zvikwereti zvemari uye mari inowedzera, apo hurumende yevabudisi inorongwa muchikamu zvichienderana nesimba rehupfumi hwavo.
Maonero ezvoupfumi mune ramangwana, kune kushandiswa kwekuchinja kumamiriro ayo ekutonga, indasitiri, kukwanisa kurwisa dambudziko rezvemari, mutoro wemitero, nezvimwewo, kana munyaya yenyika, kukura kwayo maonero uye nzvimbo yezvematongerwe enyika.
Nhamba & Nhamba Dzakashata dzisungo nokuzviisa muzvikamu 22, kubva paAAA kusvika ku D. Fitch inonyanya kufanana nezvikwereti izvi zvekwereti, asi Moody's anoshandisa rimwe gungano rezita.
Pakati pese, iyo yakaderera kuyerwa, iyo yakakwirira yezvibereko kubva kune varairidzi inoda kubhadharwa nekuda kwehuwandu hwehuwandu. Uyezve, iyo inonyanya kukoshesa kusungirwa kusinganzwisisiki kutadza.
Kududzira zvinyorwa
Nhamba yepamusoro haina kubvisa dzimwe njodzi kubva ku-equation, kunyanya kudiwa kwehutengo . Somugumisiro, inogona kupa ruzivo pamusoro pemunhu anopa mari asi haikwanise kushandiswa kufanotaura kuti bvumirano ichaita sei. Zvisinei, zvisungo zvinowanzosimudza mumutengo apo kukwereta kwavo kwekwereti kwavandudzwa uye kunowanikwa mumutengo apo kuyerwa kuri kuderedzwa.
Ko kuverengwa kunorevei chaizvoizvo? Kunyange zvazvo vachipa mutungamiri mukuru, havafanirwi kuvimbwa zvikuru. Funga izvi zvinyorwa kubva kuPeritus Asset Management's whitepaper, The New Case for High Yield , yakabudiswa muna April 2012:
"Vatengesi vanofanira kunzwisisa kuti vhidhiyo dzezvematongerwo enyika ivo pachavo dzinoti chii pamusoro pezvavanoona. Pakati pezvakaziviswa zvakasiyana-siyana, masangano ehurumende anonyevera kuti maonero avo maonero uye haafaniri kuvimbwa oga kuti aite chisarudzo chekutsvaga mari, uye haasi mazano ekutenga, kutengesa, kana kuchengeta kuchengeteka.
Saka kana aya maonero asina chaanobatsira pakufungidzira uko mutengo wekuchengetedza uri kuenda uye kwete mazano ekutsvaga, chii chakanaka? Nenzira iyi iyi mubvunzo watakanga tanga tichikumbira kwemakore 25+ akapfuura. Tinoona masangano ekuenzanisa seanoita zvekuita basa, asingashandisi, asi varimi vakawanda mune mari yakasarudzwa vanovimba zvakakwana pane izvi zvikwanganiso pakuita zvisarudzo zvekutsvaga. "
Bond Credit Rating Categories
Neye nyevero iri pamusoro apa, heino tsananguro yehutengo hwekwereti yezvikwereti zvinoshandiswa neS & P, pamwe chete naMoody's ratings parentheses:
AAA (Aaa): Ichi ndicho chakakwirira kupfuura zvose, zvichiratidza "simba rakasimba kwazvo rokusangana nekuzvipira kwemari," mumashoko eS & P. Hurumende yeUnited States inopiwa hukuru hwepamusoro naFitch naMoody's, apo S & P inotora chikwereti chayo nechechi chechidiki. Zvikamu zvina zveUnited States, Microsoft, Exxon Mobil, Automated Data Processing, naJohnson & Johnson, vane maAAA, asi S & P inotaridzika 10 ye 59 nyika AAA munaOctober 2017.
AA +, AA, AA- (Aa1, Aa2, Aa3): Iyi nhengo yekuratidzira inoratidza kuti mutapi ane "simba rakasimba rekugadzirisa zvipikirwa zvaro zvemari." Kusiyanisa kubva kuAAA kwakanyanya kuduku, uye hazviwanzoiti zvisungo izvi chikwereti chechikwata chichasara.
Kubvira muna 1981 kusvika muna 2010, chete 1.3 muzana yehutano hwehutano hwepamberi yakatanga kuverenga AA yakazoguma yakashata. Cherechedza kuti zvibvumirano zvinowanzotarisa downgrades vasati vadzoka.
A, A, A- (A1, A2, A3): S & P inotaura pamusoro peizvi: "Simba guru rekugadzirisa zvipikirwa zvezvemari, asi zvingangodaro zvinokanganisa mamiriro ehupfumi uye kuchinja mumamiriro ezvinhu." Nemamwe mazwi, apo Microsoft kana AAA -muhurumende wehurumende angakwanisa kumira kwenguva refu yekutengeserana pasina kurasikirwa nekwanisi yekuita chikwereti chayo, izvi zvinenge zvakanyanya mubvunzo kana zvichiuya kune zvivimbiso mu "A" chikamu.
BBB, (BBB, BBB- (Baa1, Baa2, Baa3): Zvisungo izvi zvine "kukwanisika kukwanisa kugadzirisa zvipikirwa zvemari, asi zvinowanzotarisana nemamiriro ezvinhu ehupfumi kana kuchinja mamiriro ezvinhu." Kuburuka kubva kuA rating tier, BBB- is iyo yakagadziriswa nechisungo iyo ichiri kuonekwa se "bhizinesi yekutsvaga." Bonds rakarongwa pasi apa iyi yepamusoro inofungidzirwa "pasi pemahara bhizinesi rekutsvaga" kana, kazhinji kazhinji, "chibereko chakawanda," imwe nzvimbo inotyisa yemusika.
BB +, BB, BB- (Ba1, Ba2, Ba3): Iyi ndiyo yakakwirira kupfuura imwe yepamusoro yezvibereko zvakakura, asi bhinzi rinoratidza humwe hutano hwakanyanya hunoita kuti hurumende huderere uye / kana kuti zvimwe zviitiko zvekambani zvinogona kudzivisa kukwanisa kukwanisa kuita zvaanosungirwa.
B, B, B- (B1, B2, B3): B-rated bonds zvinogona kusangana nemari yavo yemazuva ano, asi maonero avo emangwana anowanzosangana nematambudziko. Izvi zvinobatsira kuenzanisira kuti kukohwa kwekwereti kunofunga kwete kwete mamiriro ezvinhu iyezvino, asiwo maonero emangwana.
CCC +, CCC, CCC- (Caa1, Caa2, Caa3): Bonds mune izvi zvakashata zviripo iye zvino uye, mumashoko eS & P, "anobva pane mabhizimusi anofadza, mari uye zvehupfumi kusangana nemhiko dzezvemari". Fitch inoshandisa imwe CCC yero, pasina kuputsa iyo kuwedzera uye kuderedza kusarudzwa sezvinoita S & P.
CC (Ca): Kufanana nezvisungo zvakarongwa neCCC, zvisungo muzvikamu izvi zvinotambudza iye zvino asi zvinosangana nepamusoro zvakanyanya zvekusatenda.
C : C-rated bonds inonzi inowanzoshungurudzwa yekusavapo. Kakawanda, izvi zvinosungirirwa kusungirwa muzvisungo zvakasiyana, zvakadai sezviya zvinowanikwa mubhadhadzi asi zvikwereti zviri kupfuurira panguva ino.
D (C): Nhamba yakaipisisa, yakagadzirirwa zvisungo zvatove zvisipo.
Nyika Inoshanduka
Mumakore achangobva kupfuura, makambani makuru ave achida kugamuchira chikwereti sechikamu chekuedza kuwedzera kukoshesa kukosha kwevashandi. Muna 1992, makambani 98 eUnited States akabata chikwereti cheAAA kubva ku Standard & Poor's. Pakazosvika 2016, makambani maviri chete ainge akachengetedza maAAA.