政府和企業借貸成本上升
Moody’s Investors Service downgraded the credit rating of Hong Kong to Aa3 from Aa2, blaming a lack of government response to months of popular protests and China’s increased influence over the city’s institutions.
穆迪把香港債信評等從Aa2降到Aa3，歸咎於政府對持續數月的民眾抗議沒有回應，以及中國對香港政府機構的影響越來越大。
blaming…=and blamed…歸咎於，責怪
The ratings agency also changed the outlook to “stable” from “negative.”
這家信評機構還把香港的評等展望從「負面」改為「穩定」。
stable(adj.)穩定的negative(adj.)負面的
“The absence of tangible plans to address either the political or economic and social concerns of the Hong Kong population that have come to the fore in the past nine months may reflect weaker inherent institutional capacity than Moody’s had previously assessed,” Moody’s wrote in a statement.
穆迪發布公告稱：「過去9個月，香港民眾對政治、經濟和社會問題的疑慮日益顯現，而香港政府缺乏實際計畫來解決這些問題，可能反映港府的體制內治理能力偏弱，低於穆迪先前預估。」
tangible(adj.)確實的、真實的、可觸摸的address(v.)應付;處理come to the fore 引人注目inherent(adj.)內在的、固有的
The Hong Kong government strongly disagreed with Moody’s assessment and was “deeply disappointed” by the downgrade decision.
香港政府非常不認同穆迪的評估，對下調信用評等的決定「深感失望」。
assessment(n.)assess(v.)評估、評價
“Moody’s rating is way out of line with Hong Kong’s sound credit fundamentals,” a government spokesman said in a statement. “Our fiscal performance and external positions have long been among those of the top-rated economies and serve as a strong buffer for Hong Kong to withstand shocks.”
政府發言人發表聲明說：「穆迪對香港的信用評等與香港良好的信用基礎不符，港府的財政表現以及對外資產淨值長期以來在各經濟體中一直名列前茅，能為香港提供強大的緩衝以應對衝擊。
way out of the line 不得體、不恰當sound credit fundamentals 良好的信用基礎sound (adj.)堅固的;健全的fiscal performance 財政表現，財政狀況those = the fiscal performance and external positionsbuffer 緩衝、引申為保護、保障withstand(v.)承受、頂住
Banks in Hong Kong are “well-cushioned given their strong capital base, sound liquidity and healthy asset quality, while initial public offerings and bond financing activities have continued to thrive,” the spokesman added.
發言人表示，香港銀行體系穩健，銀行資本充足，流動性充裕，資產素質健全，同時IPO和債券融資活動蓬勃發展。
cushion(n.)墊子;靠墊(v.)發揮緩衝作用cushion of air 氣墊well-cushioned (adj.)有良好緩衝given(prep.)考慮到strong capital base 銀行資本充足sound liquidity 流動性充裕liquidity(n.)流動性，指資金流動healthy asset quality 資產品質健全initial public offerings 股票首度公開發行，簡稱IPOfinancing 融資bond financing activities 債券融資活動，意思是發行債券
The move by Moody’s marked the first downgrade by the agency of the city’s rating since May 2017. Fitch Ratings downgraded it in September to AA from AA+ with a negative outlook.
穆迪此舉是該機構2017年5月以來首次下調香港的債信評等。惠譽去年9月把香港信評從AA+降為AA，展望為負面。
Moody’s said its “stable” outlook reflects Hong Kong’s superior fiscal strength and consistent macroeconomic stability.
穆迪表示，信評展望「穩定」反映香港財政實力優越，總體經濟一直保持穩定。
consistent(adj.)一貫的、始終如一的macroeconomic (adj.)總體經濟的;宏觀經濟microeconomic(adj.)個體經濟的
A lower credit rating could lead to higher borrowing costs for the Hong Kong government and local companies.
信用評等降低可能導致香港政府和企業借貸成本上升。