sing and pensions which are not fully funded (Kisgen & Strahan, 2010).
当公司受到约束时，他们会以一种特殊的方式做出反应，表现为财务灵活性。在业务财务不稳定期间，以及在公司可能有任何其他来源被视为外部来源的情况下，对偿债进行评级检查。财务灵活性与企业可用的资金选择成正比。财务的灵活性受到债务水平的影响，尤其是短期债务。财务灵活性的其他影响包括限制性更强的贷款、法律问题的可能性、保险缺失和养老金资金不足。
Capital structure 资本结构
This is the dependence of business on the external source of funds. This highly affects the debt serving ability. If a company entirely depend on the external source, it is hard to predict how it would be able to repay the debt (Kisgen & Strahan, 2010).
这是企业对外部资金来源的依赖。这在很大程度上影响了偿债能力。如果一家公司完全依赖外部来源，很难预测它将如何偿还债务。
Pros and cons Credit rating agencies like any other agency have pro and con in its operations. The advantages include they help institutions get better rates. For institutions with higher grades are in a position to borrow many at the rates which are favorable, it is a kind of an incentive to the businesses with good management and whose creditworthiness is not doubted.
赞成和反对信用评级机构和任何其他机构一样，在其运营中也有赞成和反对的一面。其优点包括帮助机构获得更好的利率。对于成绩更高的机构来说，他们可以以有利的利率借款，这对管理良好、信誉毋庸置疑的企业来说是一种激励。
Help warn investors of risky companies; for the investors who want to invest in high risk, businesses are in a position to know the level of returns they expect from companies of low rating. It is due to this high risk that such investors are able to make surplus compared to the other normal investors.
帮助警告投资者风险公司；对于那些想投资于高风险的投资者来说，企业可以知道他们对低评级公司的回报水平。正是由于这种高风险，与其他普通投资者相比，这些投资者能够实现盈余。
Provision for a room for improvement as a good incentive for the business rated poorly, it is an opportunity for them to realize the areas they should change in. A common challenge is that such businesses are normally in denial of their debt status. However, for those that accept do get advice as an incentive to their improvements.
为评级不佳的企业提供改进空间是一个很好的激励，这是他们实现自己应该改变的领域的机会。一个常见的挑战是，这些企业通常否认自己的债务状况。然而，对于那些接受的人来说，他们确实会得到建议，以此来激励他们的进步。
Since anything with advantage must have the other side, the cons of credit rating include evaluation being highly subjective; the rating between different companies varies considerably. This because there exist no known standard formula or guideline used by credit rating institutions in their work, the general rating is based on their judgments.
由于任何有优势的东西都必须有另一面，信用评级的缺点包括评价高度主观；不同公司之间的评级差别很大。这是因为信用评级机构在工作中没有已知的标准公式或指南，所以一般评级是基于他们的判断。
The possibility of a conflict of reference: In making reference to cases in the department of justice USA where there was a possibility of a conflict of interest in mortgage-backed securities that collapse in 2008. The rating companies at times provide their services to companies which make the private request. However, they can make such rating and give to investors even if the requesting company still pays them. Conflict of interest to occur when the business does not a company is given good rating they do not deserve on the basis that this rating company wants to retain them as their customers (Mulligan, 2009).
职权冲突的可能性：在提到美国司法部的案件时，2008年破产的抵押贷款支持证券可能存在利益冲突。评级公司有时会向提出私人请求的公司提供服务。然而，他们可以做出这样的评级，并给予投资者，即使提出请求的公司仍然向他们付款。当企业没有得到一家公司的良好评级时，就会发生利益冲突，因为该评级公司希望将他们保留为客户。
Lastly the ratings are in most cases not very accurate. For a long time the way the agencies rate have been subject to a lot of questioning. In as much as they do have a consistent rating, it does not translate to accurate rating. The inaccuracy can be case studied mortgage-backed securities that recessed despite the good rating it was given by then.
最后，在大多数情况下，评级并不十分准确。长期以来，各机构的评级方式一直受到很多质疑。尽管他们确实有一个一致的评级，但这并不能转化为准确的评级。这种不准确可以通过案例研究来证明，尽管当时的评级很好，但抵押贷款支持证券还是下跌了。
New regulations on the credit rating agencies 信用评级机构新规
Reform Act has been enacted to with the aim of improving rating quality, investors protections and for the transparency, accountability, and competition in the credit rating market. I the USA the amendments geared toward the CRA include CRA reform act of 2006. The act raised the number of NRSRIs which lead to increase in competition among the CRA, in case there was no-action letter process in
