标普为何把特斯拉下调为垃圾级别

Tesla Motors Inc. (TSLA), the new kid on the block in the auto world, may be a Wall Street darling, but Standard & Poor's Ratings Services signaled it isn't impressed with the luxury electric-car maker, and sideswiped it with a junk rating.

汽车行业的新秀特斯拉汽车公司（Tesla Motors Inc.）也许是华尔街的宠儿，但标准普尔评级服务机构（Standard & Poor's Ratings Services）并不看好这家豪华电动车制造商，还给予它垃圾级的评级。

The firm rates Tesla six levels into junk, at a B- corporate credit rating, citing concerns about the auto company's niche market that has a very limited product range, and operating diversity compared to significantly larger and stronger rivals. S&P warned it expects Tesla will face pressure from competitors aiming to penetrate the alternative-fuel vehicles markets with improved automobiles.

标准普尔公司对特斯拉的企业信用评级为“B-”，比投资级别低了6个等级，标普称特斯拉汽车利基市场的产品范围较窄，与大型汽车公司相比运营多样性有限。标普预计特斯拉将面临来自竞争对手的压力，它们将通过改进版汽车进入替代燃料汽车市场。

"We believe there is considerable uncertainty in Tesla's long-term prospects and believe that the company is less likely (compared to larger, more established automakers) to successfully adapt to competitive and technological [risks]," wrote S&P credit analyst Nishit Madlani in a research report.

标普信用分析师尼什特o马兰尼在研究报告中写道：“我们认为特斯拉的长期前景存在较大的不确定性，而且我们认为这家公司（与更大型更成熟的汽车制造商相比）不太可能成功地适应竞争和技术（风险）”。

S&P's rating on Tesla is six notches under the rating of larger peer Ford Motor Co. (F), which has an investment-grade rating, and five levels under General Motors Co. (GM).

标普对特斯拉的评级比福特汽车（Ford Motor Co.）的评级（投资级评级）低了6个等级，也比通用汽车公司（General Motors Co.）低了5个等级。

Interestingly, S&P's new rating on Tesla is "unsolicited," meaning the firm doesn't have a rating agreement with Tesla. But S&P said it believes there is "sufficient market interest in the company's obligations to initiate analytical coverage."

有意思的是，标普对特斯拉的新评级是“非请求评级”，意味着标普并没有与特斯拉达成评级协议。但标普表示“投资者对特斯拉非常感兴趣，值得分析研究”。

Tesla earlier in May reported record sales of the company's Model S, exceeding Tesla's own expectations. The automaker intends to expand Model S production later this year and also introduce Model X next year. Tesla also first began to sell cars in China earlier this year, a market the company said could be one of its largest within a few years.

今年5月初，特斯拉报告旗下的S型车创下销售记录，超过特斯拉公司自己的期望。公司计划今年晚些时候扩大S型车的生产，明年将引入X型车。今年早些时候，特斯拉首次开始在中国销售汽车。这家公司表示，中国未来几年内可能会成为它最大的市场之一。

The company's shares, which closed above $211 on Tuesday, have soared since it went public at $17 in 2010. Investors are betting Tesla can continue to generate strong sales of the company's pricy electric sedans and potentially a cheaper third-generation vehicle intended for the mass market.

2010年，这家公司上市时的股价为17美元。此后，特斯拉股价大幅飙升，本周二（5月27日）收盘价高于211美元。投资者认为特斯拉昂贵的电动轿车以及向大众市场推出的更便宜的第三代汽车能够继续实现强劲的销售业绩。

But S&P warned it could lower Tesla's rating if it appears projected long-term demand fails to meet its estimates, leading to overcapacity. A downgrade could also occur if additional debt funding needs arise, or if cost overruns occur as Tesla aims to expand the Model S into Europe and Asia this year.

但标普警告称，如果预测的长期需求无法达到特斯拉预估的水平，导致产能过剩，它可能会降低特斯拉的评级。如果出现额外的债务融资需求，或者在特斯拉今年将S型车拓展至欧洲和亚洲过程中出现成本超支，标普也可能会下调它的评级。