Baidu Inc. -- Moody's assigns first-time A3 ratings to Baidu; outlook stable - (Simplified Chinese)
/nwsys/www/images/PBC_147165 ?? ??? – ????? ????? Moody's Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??? ????? - ???? ????? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??????: Moody’s Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 ??? ????????? 1 ????????? A3 ??;????? (?????????????????,???????) ??, 2012 ? 11 ? 6 ?—???????????????(“??”) ?? A3 ????????????? ???????? ???????????????? ???? ????? /????????:“? A3 ??????????????? ???????????????” ???:“??????????????????????????? ???????????????????????????????? ???????????????????” ???????????????????????,???????? “?????” (pay-for-performance)????,??????????? ?? ????????????,??????????????????? ?????????,?????????????????????? ??? ????:“?????????????????????????, ??????????????????????,????????? ?????????” ??????????????????,????????????? ???????????? ????????? 2 ????????????????,??????? /EBITDA ???? ? 1.0 ? 1.5 ?,?????????????? ????,???????????: (1)?????????????? ?????; (2)????????????;?(3)?????????? ?????????? ??????????????????? 80%,?????????? ????????,??????????????????????? ??,??????????? ???????????????????????????????? ?????,??????????????????? ????:“??,??????????????????????? ?????????????????,???????????? ( VIE)?????????????” ??????????????????????,????????? ?? VIE ??,????????????????????? ??,???????? 20%-30%???? VIE ??,???????? ????????????????? VIE ?,??????????? ????????? ????????????????????????: (1)?????? ??????????; (2)???????????????????, ????????????????;? (3)????????????, ?????????? ?????????????????? ??,??????????,??????????????: (1)?? ??????????????????????; (2)???????? ??????????????,????????????????? ?? ; (3) ??????? VIE ?????,????????????? ????????? 3 ???,???? /EBITDA ????? 0.75 ?-0.5 ???,?????? ???????????? ??????????,???????????: (1)??????,? ???????,???????????????????; (2) ??? ???????????,?????????????????; (3) ? ???????????;? (4) ???????,?????????? ????????,??????????? ???????????:?? /EBITDA ???? 1.0 ?-1.5 ?,???? ????????? ??,??????????????,?????????????? ??,???????????? ???????????????? 2010 ? 10 ????«?????? ??? ??????» (Global Business & Consumer Service Industry Methodology)????????,??? www.moodys.com ??????? ??? 2000 ???,??????????????????? 2012 ? 6 ? 30 ???? 12 ????????? 184 ??(29 ???),EBITDA ???? 112 ??(18 ???)? ???? ???????????????????????????????, ???????????(??: One Canada Square, Canary Wharf, London E 14 5FA, UK)???????????? Regulation (EC) No 1060/2009 ? 3 ?? 4 ?????? ?????????????????????? ???????????,??? www.moodys.com? ??????????????????????,????????? ????????????????????(?????????,? ???????????)???????????????????? ???????,???????????????????????? ??,????????????????????????????? ????????,?????????????????????? ????????? 4 ?,??????????????????????,??????? ?,?????????????????????????????? ?????? www.moodys.com ???/?????????? ????????????????????,??????????? ???? ????????????????????:??????????? ???????????????????? ???????????????????????????????? ?????????? ???????????,???????????????????? ????,?????????????,??(???)?????? ????????????,??????????????????? ????????????? ?????????????,??? www.moodys.com ??????? (A) ?? MCO ?????( 5% ??)???,?(B) ?? MCO ???? ????????????????????,?? (C) ?? MIS ???? ???????????????? MCO ?? 5% ????????? ?,??? www.moodys.com ???????????????????? ??????( Moody’s Corporation)?????????,?????? ?????????? ???????????????????????????,??? www.moodys.com ?????????????????? ???????????????,??? www.moodys.com ????/? ?????????? ???????????????????????????????? ??????,???????????,????????????? ???????????????????????????????? ?? www.moodys.com ??????? ????????? 5 ??????????????????????????????,? ?? www.moodys.com? Moody’s Investors Service Hong Kong Ltd. ????????? ??? 88 ? ?????? 24 ? ???? (??):852.3758.1350 ???? (??):852.3551.3077 -?- ????????? 6 © 2012,?????????(Moody’s Investors Service, Inc.)?/??????????,?????“??” ( MOODY’S)?????,????? ????????? (“MIS”)???????????????????????????????????? ???????????,??????????????( “?????”)??????????????? ????????????????????????????????????????????????? ?????,?????????????????????????????????,??????:?? ????????????????????????????????????????????????? ???????????????????????,????????????????????????? ????????,???????????????????????????????????????? ????????????????,???????????????????????????????? ???????? ???????????? (?????????)??,??????????,????????????? ??????????????????????????????????????????????,?? ????????????????????????????????????????????????? ????????????????,?????? “???”???,?????????????????? ????,????????????????????????,?????????????,??(?? ?)??????????????????,???????????????????????????? ????????????,??( a)??????????????????????????????? ???????(???????)??????????(?????????????????????? ????????)???????????????????????,?( b)???????????? ??????????????(???????????),??????????,?????????? ??????????????????,?????????????????????????????? ??????????????????????(???)??????????????,??????? ????????????????????????????????????????????????? ????????????????????????????????????????????????? ?????????????????????????? ?? (????(MCO)?????????????)????,????????????(???????? ?????????????)?????????????????,????????????????? ?????????,?????? $1,500 ??? $2,500,000 ???????(MCO)???(MIS) ?????? ??,??? MIS ????????????MCO ??????????????? MIS ????????? ????????????? MCO ?? 5% ???????????????????,????????? ?????? www.moodys.com“???? — ???? — ?????????” ?????? ?????????????????????? Moody’s Investors Service Pty Limited ABN 61 003 399 657 ??, ???????????????,??? 336969????????? 2001 (Corporations Act 2001)? 761G ?? ?????????????????????????,?????????,???? ”????”,??? ?? ”????”????????,???????????????????? 2001 (Corporations Act 2001)? 761G ?????”????” ?????????? ???????, Moody’s Japan K.K.(“MJKK”)? 2010 ? 10 ? 1 ????????????? MJKK ????? ????????????????????????????????,??? “??”(MIS)????? “MJKK”??? MJKK ? Moody's Group Japan G.K.??????????????,? Moody's Group Japan G.K.?????? (MCO)???????? Moody’s Overseas Holdings Inc.????? ??????????????????????????,?????????????????????? ???????????????????????????????,????????????,???? ????????????? ]]>
