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Announcement:

Moody's publishes updated methodology for national scale ratings

 The document has been translated in other languages

09 May 2016

Mexico, May 09, 2016 -- Moody's Investors Service has today published its updated methodology "Mapping National Scale Ratings from Global Scale Ratings". National Scale Ratings (NSRs), which are derived from global scale ratings (GSRs) using country-specific correspondences, provide a measure of relative creditworthiness within a single country. The updated methodology introduces specific guidelines for the design of new NSR correspondences, or maps, and changes to existing maps, as well as the circumstances under which maps will be reviewed and amended.

The introduction of this updated methodology follows a market consultation initiated via a Request for Comment (RFC) published on 22 June, 2015.

Moody's Associate Managing Director Aaron Freedman explained, "The changes to the methodology will provide greater consistency of our map designs and increased transparency regarding the timing of future mapping revisions, while ensuring the maps offer enhanced credit differentiation and clarifying the meaning of NSRs. Importantly, resulting rating actions simply reflect a recalibration, rather than a change in credit quality."

Moody's assigns NSRs to provide greater credit differentiation among a country's issuers when GSRs are concentrated in the lower portion of the scale. Although NSRs are represented with symbols similar to those used for GSRs, they generally reflect a higher degree of risk than analogous GSRs; in certain countries, even Aaa.nn NSRs can correspond to deeply speculative-grade GSRs.

One of the key considerations in designing an NSR map is how to determine the anchor point, or the lowest GSR that maps to Aaa.nn on the national scale, for a given map. In a second RFC published on 20 January 2016, Moody's proposed that the anchor point be set at the sovereign rating for all maps in order to limit the impact that changes in the sovereign rating could have on NSRs. While this remains the approach in the majority of cases, Moody's has decided to delink the anchor point from the sovereign in certain limited circumstances. This revision ensures that affected maps will provide greater credit differentiation among issuers at the top of the national scale, while further enhancing the stability of NSRs following sovereign ratings changes in these countries.

At present, Moody's provides national scale ratings in 13 countries, with such ratings assigned to approximately 550 fundamental issuers and 330 structured finance tranches. Following publication of this methodology, Moody's expects to develop maps for and assign NSRs in additional countries.

The implementation of this revised methodology will result in changes to all 12 of our NSR maps exclusive of Mexico (where implementation is subject to receipt of local regulatory approval), and is expected to affect slightly more than half of fundamental issuers' primary NSRs and 35% of the NSRs assigned to structured finance tranches, with an average change of roughly 2 notches. Approximately 55% of changes to fundamental issuers' primary ratings and nearly three-quarters of changes to structured finance tranche ratings are expected to be upward movements. However, the impact will vary widely by country. Moody's does not view these changes in NSRs resulting from map revisions as "downgrades" or "upgrades", but rather as recalibrations. The affected issuers' credit quality has not changed as evidenced by their unchanged GSRs.

Changes to country-specific maps and the impact on affected NSRs in individual countries will be communicated through separate press releases.

GSRs will not be affected by the updated NSR methodology. However, in order to increase transparency regarding the meaning of NSRs, the GSRs of issuers that currently have public NSRs but whose GSRs have not been public will be published for the first time.

The methodology is effective as of its publication and supersedes "Mapping Moody's National Scale Ratings to Global Scale Ratings" published in June 2014.

To access the updated methodology, which is now publically available, please go to www.moodys.com or use the link below.

LINK TO UPDATED METHODOLOGY REPORT:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189032

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Aaron Freedman
Associate Managing Director
Financial Institutions Group
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Bart Oosterveld
MD - Credit Strategy
Credit Strategy and Standards
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Moody's publishes updated methodology for national scale ratings
No Related Data.
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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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