Sub-Sovereign

Highlights

• 25 Feb 2013
  • UK downgrade leads to actions on sub-sovereigns
    As part of the rating action, five regional and local governments (in this case Local Authorities), Transport for London, 26 English Housing Associations and Keele University and De Montfort University were downgraded by one notch following the downgrade in the UK government bond rating. A deterioration in sovereign rating has direct implications for sub-sovereign entities given their economic, financial and institutional linkages. The ratings for all housing associations were placed on review for further downgrade to reflect ongoing developments in the sector... Press Release l Full Report​
• 19 Feb 2013
  • Annual report on Western Australia
    The Aaa long-term debt and issuer ratings reflect the state’s ample budgetary flexibility, supported by a robust resource-based economy. However, the ratings outlook is negative, given the widening deficit and deteriorating debt metrics. Moreover, improvements in the state’s fiscal performance will be challenged by increasing volatility in revenue, particularly because of its reliance on iron ore royalties… Press Release l Full Report
• 18 Jan 2013
  • Updated Methodology for Regional and Local Governments
    We have updated our rating methodology for regional and local governments (RLGs) outside of the US to incorporate refinements in our analytical approach. The refinements aim to enhance rating transparency and provide market participants with insights into the factors that we consider most important in our ratings. The updated methodology replaces two existing ones: Regional and Local Governments Outside the US, published in May 2008 and The Application of Joint-Default Analysis to Regional and Local Governments, published in December 2008… Methodology l Primer