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Rating Action:

MOODY'S ANNOUNCES RATING IMPACT OF THE JDA METHODOLOGY FOR SUB-SOVEREIGN GRIs IN THE AMERICAS AND IN THE EMEA REGION

30 Jun 2005
MOODY'S ANNOUNCES RATING IMPACT OF THE JDA METHODOLOGY FOR SUB-SOVEREIGN GRIs IN THE AMERICAS AND IN THE EMEA REGION

New York, June 30, 2005 -- Moody's Investors Service published today the results of an examination of the ratings of sub-sovereign entities in the Americas and in the EMEA region (Europe, the Middle East and Africa) in light of the introduction of its new rating methodology for government-related issuers ("GRIs"). Sub-sovereign GRIs include universities, housing associations, municipal lenders and several other types of government-mandated bodies.

In April 2005, Moody's published a Rating Methodology report, entitled "The Application of Joint-Default Analysis (JDA) to Government-Related Issuers". The new methodology formally disaggregates the ratings of GRIs into four components: (i) an assessment of the GRI's baseline credit risk, (ii) the default risk of the supporting government, (iii) the default dependence between the GRI and the government, and (iv) the expected level of support from the government.

Below is a list of all sub-sovereign GRIs in the Americas and the EMEA region affected by the new rating methodology, including the rating changes resulting from the application of the methodology.

For a discussion of how Moody's evaluates sub-sovereign GRIs in practice, please refer to Moody's Special Comment entitled "Rating Sub-sovereign GRIs in the Americas and the EMEA Region", also published today. The special comment also outlines the ranges of inputs and rating outcomes for every sub-sovereign GRI in the Americas and the EMEA region by country. Inputs for each GRI are as follows:

- Baseline credit assessment, on a scale of 1 (lowest credit risk) to 6 (highest credit risk)

- Local currency bond rating of the supporting government (as published by Moody's)

- Dependence, expressed as low, medium or high

- Support, expressed as low, medium or high

The following list outlines ratings affirmed, upgraded, or downgraded following the application of the GRI rating methodology. The rated entity is listed with the rated class of debt, and the final rating outcome and rating outlook.

RATINGS AFFIRMED WITH NO CHANGE IN RATING OUTLOOK:

Austria

-ASFINAG (Autobahnen-Und Schnellstrassen Finanzierungs ) -- Backed Senior Unsecured (domestic and foreign currency) -- Aaa/STA

-BIG (Bundesimmobiliengesellschaft m.b.H.) -- Issuer Rating and Senior Unsecured (domestic and foreign currency) -- Aaa/STA

Canada

-The 55 School Board Trust -- Senior Secured (domestic currency) -- Aa2/STA

-Alberta Capital Finance Authority -- Backed Senior Unsecured (domestic currency) -- Aaa/STA

-ATB Financial (Alberta Treasury Branches) -- Issuer Rating (domestic currency) and Backed Deposit Notes -- Aaa/STA

-Financement- Quebec -- Backed Senior Unsecured (domestic and foreign currency) and Issuer Rating -- A1/POS

-MFABC (Municipal Finance Authority of British Columbia) -- Senior Unsecured (domestic and foreign currency) -- Aaa/STA

-Ontario School Boards Financing Corporation -- Senior Unsecured (domestic currency) -- Aa3/STA

-Ontario Strategic Infrastructure Financing Authority (OSIFA) -- Senior Unsecured (domestic currency) and Issuer Rating (domestic currency) -- Aa2/STA

-Immobiliere SHQ -- Backed Senior Unsecured (domestic currency) -- Aaa/STA

-University of Ottawa -- Senior Unsecured (domestic currency) -- Aa2/STA

Denmark

-KommuneKredit -- Senior Unsecured (domestic and foreign currency) and Issuer Rating -- Aaa/STA

Finland

-Municipal Guarantee Board (MGB) -- Issuer Rating -- Aaa/STA

-Municipality Finance Plc (Municipality Finance Plc) -- Backed Senior Unsecured (domestic and foreign currency) and Issuer Rating -- Aaa/STA

France

-Caisse Nationale des Autoroutes (C.N.A.) -- Senior Unsecured (domestic and foreign currency) and Issuer Rating -- Aaa/STA

-Caisse d'amortissement de la dette Sociale (CADES) -- Senior Unsecured (domestic and foreign currency) -- Aaa/STA

-Regie Autonome des Transports Parisiens (RATP) -- Senior Unsecured (domestic and foreign currency) -- Aaa/STA

-Union Nationale pour l'emploi dans Industrie du Commerce (UNEDIC) -- Commercial Paper -- P-1

-Union Nationale pour l'emploi dans Industrie du Commerce (UNEDIC) -- Backed Senior Unsecured (domestic currency) -- Aaa/STA

Ireland

-Housing Finance Agency p.l.c. (HFA) -- Backed Commercial Paper -- P-1

Mexico

-OPDM de Tlalnepantla -- Issuer Rating (domestic currency) -- B1/NEG

-Sistema Intermunicipal de Agua Potable y Alcantarillado (SIAPA) -- Issuer Rating (domestic currency) -- Ba2/STA

Netherlands

-Waarborgfonds Sociale Woningbouw (WSW) -- Issuer Rating -- Aaa/STA

Norway

-Kommunalbanken (Kommunalbanken A/S) -- Senior Unsecured (domestic and foreign currency) and Issuer Rating -- Aaa/STA

South Africa

-Industrial Development Corporation of South Africa (IDC) -- Issuer Rating (foreign currency) -- Baa1/STA

Sweden

-Kommuninvest i Sverige Aktiebolag -- Senior Unsecured (domestic and foreign currency) and Issuer Rating -- Aaa/STA

RATINGS AFFIRMED; RATING OUTLOOK CHANGED FROM STABLE TO POSITIVE

Canada

-McGill University -- Senior Unsecured (domestic currency) -- Aa2/POS

-Concordia University -- Senior Unsecured (domestic currency) -- A1/POS

RATINGS AFFIRMED; RATING OUTLOOK CHANGED FROM NEGATIVE TO STABLE

Canada

-University of Toronto -- Senior Unsecured (domestic currency) and Issuer Rating -- Aa1/STA

RATINGS UPGRADED; WITH NO CHANGE IN RATING OUTLOOK:

Belgium

-Societe Publique de Gestion de L'eau SA (SPGE) -- Issuer Rating (foreign currency) -- Aa3/STA

Canada

-Greater Vancouver Transportation Authority (GVTA) -- Issuer Rating (domestic currency) -- Aa3/STA

-Simon Fraser University -- Senior Unsecured (domestic currency) -- Aa2/STA

-University of British Columbia -- Senior Unsecured (domestic currency) and Issuer Rating -- Aa1/STA

-University of Quebec a Montreal (UQAM) -- Senior Unsecured LT debt (domestic currency) -- A1/POS

Mexico

-SIDEAPA (SIDEAPA, Durango) -- Issuer Rating (domestic currency) -- B1/STA

Spain

-Consorcio de Transportes de Bizcaya -- Issuer Rating (foreign currency) -- Aa2/STA

United Kingdom

-North British Housing Limited -- Issuer Rating (domestic currency) -- Aa2/STA

-Sanctuary Housing Association -- Issuer Rating (domestic currency) -- Aa2/STA

-Shaftesbury Housing Association -- Issuer Rating (domestic currency) -- Aa3/STA

RATING LOWERED WITH NO CHANGE IN RATING OUTLOOK

Canada

-University of Ontario Institute of Technology -- Senior Unsecured (domestic currency) -- A3/STA

New York
Yves Lemay
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jerome S. Fons
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​
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