Research & Ratings: Sub-Sovereign - Moody's

  • On 13 February 2012, Moody’s announced rating actions on a number of European Area governments, and on Wednesday 15 February we announced further actions on credits directly and indirectly affected by those rating actions.

    On 15 February 2012, Moody’s also announced rating actions on a number of large securities firms and banks with significant capital markets operations.

    Because of the large number of rating changes resulting from these actions, ratings appearing on this website may not yet reflect current information. For current information on European credits, please visit the EU Sovereign Crisis and Affected Credits Topic Page where we have published Special Comments explaining the rating actions on European governments and the credit consequences for other sectors. For current information on large securities firms and banking credits, please visit the Bank Ratings Topic Page.
      
    Due to a technical problem, ratings for certain US Public Finance ratings with state enhancement programs or terminated financial guaranty insurance policies may not be accurately displayed on this website at this time. For a list of the affected credits, see Select US Public Finance Ratings With State Enhancement Programs or Terminated Financial Guaranty Insurance Policies.  For assistance, please contact Client Services at 212.553.1653.
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Sub-Sovereign
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Credit ratings, research and analysis on regional and local governments as well as on a wide array of public-sector entities with specialized mandates in both the developed and emerging markets, including mass transportation, health care, water systems, social housing, higher education, and charity trusts.

Highlights

  • 15 Feb 2012
    • Ratings of European sub-sovereigns adjusted following action on sovereign ratings
      We have taken action on 83 European sub-sovereigns, comprising regional and local governments (RLGs) and government-related issuers (GRIs), as a result of our recent actions on the respective European sovereign ratings. This is because of the strong correlation between sub-sovereign and sovereign credit risk, as reflected in macroeconomic and fiscal linkages, institutional factors and financial market conditions. The actions vary by country and range from the assignment of negative outlooks, to downgrades of up to two notches... Press Release l Full Report l Impact on Other Credits
  • 12 Jan 2012
    • Valencia downgraded to Ba3; ratings of all other Spanish sub-sovereigns on review for downgrade
      The downgrade was due to Valencia’s liquidity issues and large forthcoming debt repayments while the review for downgrade of the other Spanish sub-sovereigns reflects their growing liquidity pressures and concerns over whether they will achieve the 2012 deficit target. We will re-examine the level of cash-on-hand together with access to credit facilities to assess the sub-sovereigns’ ability to meet financing requirements in 2012... Press Release
  • 16 Dec 2011
    • Aa3 rating assigned to Hastoe Housing Association
      The rating reflects Hastoe’s good and improving financial performance, which has strengthened cash flows and eliminated a structural reliance on sales to cover interest costs. Debt levels are high compared to its peers and they should grow further to support Hastoe's ambitious development programme, which accounts for a high share of sales... Press Release
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