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在金融市场中,信用等级直接影响国家或企业的融资成本。从某种程度上来说,信用评级变更的影响力足以主导一个企业乃至一个国家的生存与发展。但由于评级机制的复杂性,评级下调具有一定程度的突发性,会对市场造成冲击。按市场结构来看,主权类评级下调所造成的影响最为严重,主权评级的调降直接导致国家债券市场价值下跌,收益率攀升,加剧政府的融资成本,
In financial markets, the credit rating directly affects the financing costs of a country or company. To some extent, the impact of credit rating changes is sufficient to dominate the survival and development of one enterprise or even one country. However, due to the complexity of the rating mechanism, the rating downgrade has a certain degree of suddenness, which will impact the market. According to the market structure, the impact of the sovereign rating downgrade is the most serious. The downgrade of the sovereign rating directly causes the value of the national bond market to fall and the yield rise, which aggravates the government’s financing costs.