Sub-Sovereign

Highlights

• 14 May 2013
  • Stable outlook for New South Wales' Aaa rating
    The rating and outlook reflect the Australian state's diverse economic base, considerable budget flexibility, and secure and predictable grants from the Commonwealth. Over the medium term, the government's resolve to bring spending in line with revenues and stabilize its debt burden will be critical in achieving its aim of narrowing deficits... Press Release l Full Report​​
• 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