Sub-Sovereign

Highlights

• 28 May 2013
  • Italian regions of Campania, Lazio, Piedmont and Sicily downgraded
    The rating actions reflect heightened concerns about the regions’ financial positions in the current environment, particularly due to austerity-driven cuts in central government resources. The downgrade was also driven by the expected increase in regions’ debt levels in order to cover the accumulation of sizeable overdue payables and commercial debts under a new funding arrangement with the central government... Press Release
• 17 May 2013
  • 29 English housing associations ratings downgraded
    The downgrades reflect our downward reassessment of the potential provision of extraordinary support - that still remains an important component of the rating - should any housing association experience acute liquidity stress. This reflects challenges in the ability of the regulator, the Homes and Communities Agency, to step in and protect these entities and their creditors in extreme situations... Press Release​​
  • Turkish sub-sovereign ratings upgraded following sovereign action
    This follows the upgrade of Turkey's government bond rating to Baa3 from Ba1, reflecting Turkish sub-sovereigns' close operating and financial linkages with the central government, as well as the consistent financial performances displayed by the affected sub-sovereign issuers. Istanbul's Baa3 rating is also underpinned by the city's large and dynamic economy, which over time has translated into adequate budgetary resources to finance public service operations and capital investments, which is a lingering source of pressure for the municipal budget... Press Release​​