New York, April 28, 2005 -- Moody's Investors Service announced today that it plans to examine ratings
on various government related issuers (GRIs) by midyear. Any rating
actions will result from the implementation of joint-default analysis
methodology to the sector. Moody's announced on February
17, 2005 that it will introduce joint-default analysis into
its non-structured ratings on a sector-by-sector
basis, beginning with GRIs, followed by banks and then by
non-US regional and local governments.
The rating agency defines a GRI as an entity with full or partial government
ownership or control, a special charter, or a public-policy
mandate from the national or local government. Issuers fully or
partially owned (or controlled) by a GRI may also be included in the new
approach.
Implementation guidelines for the GRI sector are contained in the Rating
Methodology document "The Application of Joint Default Analysis
to Government Related Issuers," published today. The
guidelines represent an elaboration and systematization of the rating
agency's prior approach to rating issuers with full or partial government
support. They take explicit account of each GRI's baseline
default risk assessment, the supporting government's default
risk, an estimate of default dependence between the two entities
and the estimated probability of government support.
Moody's notes that the likely result of the new methodology will
be that ratings for most GRIs will be either affirmed or raised,
though a few may see ratings lowered. Upgrades would generally
reflect the fact that prior rating decisions placed insufficient emphasis
on the role of government support. The new methodology directly
accounts for any support and formally incorporates such support into the
final GRI rating.
In an effort to improve rating transparency, Moody's intends
to publish ranges for certain inputs to the rating process. The
dependence factor and support probability will be expressed as being low,
medium or high. Likewise, the baseline risk of the GRI will
be expressed as falling within a risk scale ranging between 1 and 6,
where 1 represents the lowest risk.
All rated GRIs are being evaluated under the revised methodology to determine
if any rating adjustments are warranted. Once the process is complete,
the rating agency will disclose revised rating lists on a region-by-region
basis.
Below please find a list of GRIs with published ratings that will be covered
by the new methodology:
Argentina:
Petrobras Energia S.A.
Aruba:
Aruba Airport Authority N.V.
Australia:
Snowy Hydro Ltd.
State Electricity Commission of Victoria
Telstra Corporation Ltd.
Austria:
Bundesimmobiliengesellschaft mbH
EVN AG
Oesterreichische Elektrizitaetswirtschafts-AG (Verbund)
Pfandbriefstelle der Österreich. Landes-Hyp.
Telekom Austria AG
Belgium:
Belgacom Societe Anonyme de Droit Public
Infrabel
Societe Nationale des Chemin de Fer Belges
Societe Publique de Gestion L'Eau SA
Brazil:
Banco Nacional Desenvolvimento Economico e Social
Companhia de Saneamento do Parana (SANEPAR)
Companhia Energetica de Brasilia (CEB)
Companhia Energetica de Minas Gerais (CEMIG)
Companhia Paranaense de Energia (COPEL)
Companhia Riograndense de Saneamento (CORSAN)
Companhia Siderurgica Nacional - CSN
Companhia Vale do Rio Doce -- CVRD
Investco S.A.
Furnas Centrais Elétricas
Machadinho Energetica S.A.
Petrobras International Finance Company
Petroleo Brasileiro S.A. (PETROBRAS)
Vale Overseas Ltd.
Bulgaria:
TPP Varna EAD
Canada:
55 School Board Trust
Aeroports de Montreal
Alberta Capital Finance Authority
ATB Financial
Brilliant Power Corporation
British Columbia Hydro & Power Authority
Business Development Bank of Canada
Canada Housing Trust No. 1
Canada Mortgage and Housing Corporation
Canadian Wheat Board
CDP Financial Inc.
Concordia University
Edmonton Regional Airports Authority
Export Development Canada
Farm Credit Canada
Financement Quebec
Greater Toronto Airports Authority
Greater Vancouver Transportation Authority (GVTA)
Hydro One Inc.
Hydro-Quebec
Immobiliere SHQ
Manitoba Hydro Electric Board
McGill University
Municipal Financial Authority of British Columbia
NAV CANADA
New Brunswick Power Corporation
Newfoundland Municipal Finance Corporation
Ontario Electricity Financial Corporation
Ontario Power Authority
Ontario School Board Financing Corporation
Ontario Strategic Infrastructure Financing Authority
Ottowa MacDonald-Cartier International Airport Authority
Simon Fraser University
Universite du Quebec a Montreal
University of British Columbia
University of Ontario Institute of Technology
University of Ottawa
University of Toronto
Winnipeg Airports Authority Inc.
Cayman Islands:
Nacional Financiera, SNC, Grand Cayman Branch
Chile:
Corporacion Nacional del Cobre de Chile
Empresa Nacional del Petroleo S.A.
HQI Transelec Chile S.A.
China:
China Development Bank
China Mobile (Hong Kong) Ltd.
China National Offshore Oil Corporation
CITIC Group
CITIC Hong Kong Finance Ltd.
CITIC Pacific Ltd.
CNOOC Ltd.
Export-Import Bank of China
GH Water Supply (Holdings) Ltd.
Croatia:
Croatian Bank for Reconstruction & Development
Bina-Istra d.d.
Czech Republic:
Aero Vodochody a.s.
CEZ Finance B.V.
Czech Export Bank, a.s.
Denmark:
Danmarks Skibskreditfond
Dong A/S
Great Belt A/S
Hovedstadsregionens Naturgas I/S
KommuneKredit
Mortgage Bank of Denmark
Naturgas Midt/Nord I/S
Oresunskonsortiet
El Salvador:
BMI - Banco Multisectorial de Inversiones
Estonia:
Eesti Energia AS
Finland:
Fingrid Oyj
Fortum Oyj
Kemira Oyj
Municipal Guarantee Board (MGB)
Municipality Finance plc
France:
Agence Française de Développement
CADES- Caisse d'Amortissement de la Dette Sociale
Caisse des Dépôts et Consignations
Caisse Nationale des Auto
CEPME- Crédit d'Equipement des Petites et Moyennes Entreprises
Charbonnages de France
Electricite de France
ERAP
European Aeronautic Defense & Space Co.
France Telecom
FRANs 2003 Plc
Gaz de France
Regie Autonome des Transports Parisiens
Regie Autonome.des Transports Paris
Reseau Ferre de France
SANEF S.A.
Societe Nationale des Chemin de Fer Francaise
Thales
TSA
UNEDIC
Germany:
Deutsche Bahn AG
Deutsche Post AG
Deutsche Telekom AG
DFS Deutsche Flugsicherung
Energie Baden-Wuerttemberg
EWE AG
IKB Deutsche Industriebank AG
Kreditanstalt für Wiederaufbau
Landeskreditbank Baden-Württemberg Förderbank
Landwirtschaftliche Rentenbank
LfA Förderbank Bayern
NRW Bank
Greece:
OTE PLC
Public Power Corporation S.A.
Hong Kong:
Hong Kong Mortgage Corporation
Kowloon-Canton Railway Corporation
MTR Corporation Ltd.
Hungary:
FHB - Land Credit and Mortgage Bank
MFB - Hungarian Development Bank Ltd.
Iceland:
Housing Finance Fund
Landsvirkjun
India:
Export-Import Bank of India
Housing & Urban Development Corporation Ltd.
IFCI Ltd.
Indian Oil Corporation Ltd.
Indian Railway Finance Corporation
Industrial Development Bank of India Ltd.
National Thermal Power Corporation
Power Finance Corporation Ltd.
Indonesia:
Perusahaan Gas Negara (P.T.)
PT Aneka Tambang (Persero) Tbk
Telekomunikasi Indonesia (P.T.)
Telekomunikasi Selular (P.T.)
Ireland:
BGE - Bord Gais Eireann
Israel:
Bezeq Israeli Telecommunication Corporation Ltd.
The Israel Electric Corporation Ltd.
Italy:
Acquedotto Pugliese SpA
Cassa Deposit e Prestiti S.p.A.
ENEL S.p.A.
ENI S.p.A.
Finmeccanica S.p.A.
Mediocredito Trentino Alto Adige S.p.A.
Poste Italiane S.p.A.
Japan:
Development Bank of Japan
Hanshin Express Public Corporation
Japan Bank for International Cooperation
Japan Finance Corporation for Municipal Enterprises
Japan Finance Corporation for Small Medium Enterprise
Japan Highway Public Corporation
Japan Tobacco Inc.
Nippon Telegraph & Telephone Corporation
Shoko Chukin Bank
Urban Renaissance Agency
Kazakhastan:
Astana Finance
Intergas Central Asia
Kazakhstan Development Bank
Kazakhstan Electricity Grid Operating Co.
Kazakhstan Temir Zholy
KazTransOil
Korea:
Korea Deposit Insurance Corporation
Korea East-West Power Co., Ltd.
Korea Electric Power Corporation
Korea Gas Corporation
Korea Highway Corporation
Korea Housing Corporation
Korea Hydro and Nuclear Power Co. Ltd.
Korea Land Corporation
Korea Midland Power Co., Ltd.
Korea Rail Network Authority
Korea South-East Power Co., Ltd.
Korea Southern Power Co., Ltd.
Korea Water Resources Corporation
The Export-Import Bank of Korea
Kuwait:
Gulf Investment Corporation
Latvia:
Latvenergo
Mortgage and Land Bank of Latvia
Malaysia:
Malaysia International Shipping Corporation Berhad
Petroliam Nasional Berhad (Petronas)
Sarawak Economic Development Corporation
Telekom Malaysia Berhad
Tenaga Nasional Berhad
Mexico:
Autopista Monterrey-Cadereyta
Banco Nacional de Comercio EXTERIOR, SNC
Nacional Financiera, SNC
OPDM de Tlalnepantla
Pemex Project Funding Master Trust
Petroleos Mexicanos (PEMEX)
SIAPA - Sistema Intermunicipal para los Servicios de Agua Potable
y Alcantrillado
SIDEAPA - Sistema Deascentralizado de Agua Potable y Alcantarillado
Sociedad Hipotecaria Federal, S.N.C.
TFM, S.A. de C.V.
Netherlands:
Bank Nederlandse Gemeenten N.V.
Energie Beheer Nederland B.V.
Essent N.V.
N.V Luchthaven Schipol
Nederlandse Gasunie N.V.
Nederlandse Waterschapsbank
Nuon N.V.
TNT NV
Waarborgfonds Sociale Woningbouw
New Zealand:
Air New Zealand Ltd.
Housing New Zealand Ltd.
Transpower New Zealand Ltd.
Norway:
Eksportfinans ASA
Kommunalbanken AS
Norges Statsbaner AS
Norsk Hydro ASA
Statkraft SF
Statnett SF
Statoil ASA
Telenor ASA
Yara International ASA
Oman:
Oman LNG L.L.C.
Panama:
Banco Latinoamericano de Exportaciones, S.A.
Poland:
Polskie Gornictwo Naftowe I Gazownnictow SA
Portugal:
ANA - Aeroportos de Portugal, S.A.
Energias de Portugal, S.A.
Parpublica
Radiotelevisao Portuguesa s.a.
Rede Ferroviaria Nacional-REFER, E.P.
Qatar:
Ras Laffan Liquefied Natural Gas Co. Ltd.
Romania:
CFR Marfa, S.A.
Compania Nationala de Cai Ferate CFR S.A.
Hidroelectrica S.A.
Societatea Nationala a Petrolului Petrom S.A.
Transelectrica S.A.
Russia:
Alrosa Co. Ltd.
OAO AK Transneft
OAO Southern Telecommunications Co.
OJSC Gazprom
OJSC Oil Co. Rosneft
Russian Railways Joint Stock Co.
Singapore:
Indonesian Satellite Corporation Tbk (P.T.)
Singapore Power Ltd.
Singapore Technologies Engineering Ltd.
Singapore Telecommunications Ltd.
SP PowerAssets Ltd.
SPI Australia Holdings Ltd. Pt
STATS ChipPAC Ltd.
Temasek Holdings Ltd.
The PSA Corporation
Slovakia:
Eximbanka SR
Slovak Guarantee & Development Bank (SZRB)
South Africa:
Development Bank of Southern Africa
Eskom Holdings Ltd.
Industrial Development Corporation of South Africa
Telkom SA Ltd.
Transnet Ltd.
Spain:
Administrador Infraestruct. Ferrovarias
Consorcio de Transportes de Bizkaia
Corporacion de Reservas Estrategicas de Productos Petroliferos
Ente Publico Radio Television Española
Instituto de Credito Oficial
Red Electrica de Espana
Sociedad Estatal Participaciones Industriales
Sweden:
Kommuninvest i Sverige Aktiebolag
SAS AB
Swedish Export Credit Corporation
Swedish Housing Finance Corporation
TeliaSonera AB
Vattenfall AB
Venantius AB
Switzerland:
Emissionszentrale der Schweizer Gemeinden (ESG)
Thailand:
Electricity Generating Authority of Thailand
Export-Import Bank of Thailand
PTT Exploration & Production International Ltd.
PTT Exploration & Production Public Co. Ltd.
The Philippines:
Napocor
Trinidad & Tobago:
Petroleum Co. Of Trindidad & Tobago (PETROTRIN)
Phoenix Park Gas Processors Ltd
Turkey:
Export Credit Bank of Turkey A.S.
United States:
Federal Farm Credit Banks
Federal Home Loan Bank of Atlanta
Federal Home Loan Bank of Boston
Federal Home Loan Bank of Chicago
Federal Home Loan Bank of Cincinnati
Federal Home Loan Bank of Dallas
Federal Home Loan Bank of Des Moines
Federal Home Loan Bank of Indianapolis
Federal Home Loan Bank of New York
Federal Home Loan Bank of Pittsburgh
Federal Home Loan Bank of San Francisco
Federal Home Loan Bank of Seattle
Federal Home Loan Bank of Topeka
Federal Home Loan Bank System
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
Financing Corporation
National Consumer Cooperative Bank
Private Export Funding Corporation
Resolution Funding Corporation
Tennessee Valley Authority
Ukraine:
Colvis Finance Ltd.
NJSC Naftogaz of Ukraine
United Kingdom:
NATS (En Route) plc
North British Housing Ltd.
Sanctuary Housing Association
Shaftesbury Housing Association
Uruguay:
Administracion Nacional de Combustibles -ANCAP
Venezuela:
Cerro Negro Finance Ltd.
Corporacion Andina de Fomento
Fertinitro Finance Inc.
Hamaca Holdings LLC
PDVSA Finance Ltd.
Petroleos de Venezuela S.A.
Petrozuata Finance Inc.
Sincrudos de Oriente - Sincor
* * * * * *
NOTE TO JOURNALISTS ONLY: For further details, please contact
New York Press Information +1-212-553-0376;
Anna Passey in London +44-20-7772-5456;
Louisa Pearce-Smith in Paris +33-1-5330-1073;
Juan Pablo Soriano in Madrid +34-91-310-1454;
Henry McNevin in Milan +39-02-58-215-580;
Hector Lim in Sydney +612 9270 8102; Detlef Scholz in Frankfurt
+49-69-707-30-700; Adel Satel in
Limassol +357-25-586-586; Tokyo Press Information
+813-5408-4110; Hilary Parkes in Toronto +1-416-214-1635;
Hong Kong Press Information +852-2916-1150; Luiz
Tess in São Paulo +55-11-3443-7444;
Benito Solis in Mexico City +5255-9171-1817; José
Fenner in Buenos Aires +54 11-4816-2332 ext.
118, or Reynold Leegerstee in Johannesburg +27-11-217-5471.
Or visit our website at www.moodys.com.
New York
Jerome S. Fons
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Chris Mahoney
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
MOODY'S TO EXAMINE RATINGS ON VARIOUS GOVERNMENT-RELATED ISSUERS IN CONNECTION WITH THE INTRODUCTION OF JOINT-DEFAULT ANALYSIS
