1樓：
同上面說的, 評級是指的債務, 跟股價沒有什麼關係.
(非常間接的關係, 股價公升高可以很微弱減小leverage)
至於樓上居然還有人回答
可能有大財團在做空雅虎，所以製造新聞"
我只想說, 這是WTF阿.......
關於yahoo, 發了12.5億的可轉換債才導致這麼個結果的.
我只是想補充一下, 關於為什麼標普評BB+, 他們自己的解釋:
-- U.S. Internet company Yahoo! Inc. has issued $1.25 billion of 0%
convertible senior notes due 2018.
-- We assess Yahoo's business risk profile as "fair," based on our view
of the company's competitive position and good profitability. We assess
Yahoo's financial risk profile as "modest," based on its minimal debt
leverage.
-- We are assigning to Yahoo a 'BB+' corporate credit rating. At the same
time, we are assigning a 'BB+' issue-level rating and '3' recovery rating to
the $1.25 billion convertible notes.
-- The stable outlook is based on our expectation that operating
performance will continue to stabilize and debt leverage will remain minimal
over the projected period.
CHICAGO (Standard & Poor's) Dec. 17, 2013--Standard & Poor's Ratings Services
today assigned its unsolicited 'BB+' corporate credit rating to Sunnyvale,
Calif.-based Internet company Yahoo! Inc. The outlook is stable.
At the same time, we assigned a 'BB+' issue level rating and a '3' recovery
rating to the $1.25 billion convertible notes due 2018. The '3' recovery
rating indicates our expectation for meaningful (50% to 70%) recovery of
principal for debtholders in a default.
"The corporate credit rating incorporates our assumption of low- to
mid-single-digit percent growth in search advertising, stabilization and
eventual growth in display advertising starting in 2015, healthy discretionary
cash flow, and minimal debt leverage," said Standard & Poor's credit analyst
Andy Liu.
Standard & Poor's assesses Yahoo's business risk profile as "fair," reflecting
its presence in search advertising and display advertising, strong brand
recognition, a very large Internet audience, and good profitability. These
considerations are balanced by an intensely competitive Internet market with
several large competitors with more resources, and high new entrant risk.
"We believe that it will be very difficult for Yahoo to gain market share
against Google Inc. in search and Facebook Inc. in display advertising," said
Mr. Liu. "However, we believe it is possible for Yahoo to maintain its current
market share."
Standard & Poor's views Yahoo's financial risk profile as "modest." Yahoo's
debt leverage is 0x after netting existing excess cash. The $1.25 billion
convertible note is the only debt instrument in the capital structure and the
company had about $3.2 billion of cash and short- and long-term market
securities as of Sept. 30, 2013.
The rating outlook is stable. After several years of restructuring and
leadership changes, Yahoo's operating performance is starting to show signs of
stabilization and its credit measures are good, with healthy discretionary
cash flow. We expect that adjusted debt leverage will remain minimal over the
intermediate term.
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