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Announcement:

Moody's announces changes in country ceilings following methodology update

07 Dec 2020

London, 07 December 2020 -- Moody's Investors Service has changed a number of country ceilings following the update of the country ceilings methodology.

Moody's has raised 39 and lowered 15 local currency country ceilings, over half by one notch. It has raised 35 and lowered 25 foreign currency country ceilings, in around half these cases by one notch.

Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL437041 for the List of Affected Country Ceilings. This list is an integral part of this Press Release and identifies each affected issuer.

ASSESSMENT RATIONALE

With these changes, local currency ceilings are set from zero to six notches above the sovereign rating, for the majority of countries three or more notches higher. Foreign currency ceilings are between zero and three notches below the local currency ceiling, in the vast majority of cases no more than two notches below.

While the particular drivers of changes in ceilings with the implementation of the methodology update are country specific, higher local-currency ceilings generally reflect Moody's assessment that the government, through its footprint and actions, poses lower risk to other issuers than previously estimated. In some cases, higher local currency ceilings also reflect an updated assessment of the risks to issuers across the country posed by the political environment. Lower local-currency ceilings similarly reflect an updated assessment of the role of the government and/or political risk as drivers of ceiling risks. For a few countries, lower local currency ceilings also take into account the risks posed by reliance on a common source of revenue, often commodities or tourism, for both the government and private sector issuers.

The changes in foreign currency ceilings reflect Moody's updated assessment of indications that policy effectiveness, capital account openness and external indebtedness give about the probability of a government imposing transfer and convertibility restrictions should the need or incentives to do so emerge.

Moody's has decided to withdraw all local currency and foreign currency deposit ceilings, short-term ceilings, and offshore banks ceilings for its own business reasons.

The methodology used in these analyses was Country Ceilings Methodology published in December 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1225594. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the country ceilings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the country ceilings.

The person who approved Albania, Belarus, Bosnia and Herzegovina, Cyprus, France, Guernsey, Iceland, Ireland, Isle of Man, Israel, Italy, Jersey, Moldova, Netherlands, Norway, Portugal, Russia, Serbia, Turkey, Ukraine, United Kingdom, Bolivia, Canada, United States of America, Barbados, Bermuda, Brazil, Paraguay, St. Vincent and the Grenadines, Bahamas, Bahamas - Off Shore Banking Center, Colombia, Panama, Panama - Off Shore Banking Center, Uruguay, Belize, Cuba, Ecuador, Nicaragua, Peru, Venezuela, Argentina, Cayman Islands, Cayman Islands - Off Shore Banking Center, Costa Rica, Guatemala, Honduras, St. Maarten, Jamaica, Suriname, Chile, Dominican Republic, El Salvador, Mexico, Trinidad & Tobago, Austria, Estonia, Latvia, Lithuania, Malta, Slovakia, Slovenia, Belgium, Bulgaria, Croatia, Liechtenstein, Germany, Romania, Spain, Sweden, Switzerland, Montenegro, Czech Republic, Poland, Denmark, Finland, Greece, Hungary and Luxembourg's country ceilings is Yves Lemay, MD - Sovereign/Sub Sovereign, Sovereign Risk Group, Journalists 44 20 7772 5456, Client Service 44 20 7772 5454. The person who approved Botswana, Uganda, Zambia, India, Angola, Nigeria, Benin, Cote d'Ivoire, Democratic Republic of the Congo, Egypt, Jordan, Lebanon, Mali, Morocco, Niger, Senegal, Tunisia, eSwatini, Iraq, Kenya, Kuwait, Mauritius, Oman, Qatar, Rwanda, United Arab Emirates, Cameroon, Ethiopia, Ghana, Namibia, Tanzania, Gabon, Mozambique, Republic of the Congo, Saudi Arabia, South Africa, Togo, Japan, Korea, Philippines, Singapore, Tajikistan, Vietnam, Azerbaijan, Kazakhstan, Kyrgyz Republic, Malaysia, Pakistan, Armenia, Fiji, Solomon Islands, Uzbekistan, Bangladesh, Maldives, New Zealand, Papua New Guinea, Sri Lanka, Taiwan, Australia, China, Georgia, Hong Kong, Thailand, Cambodia, Indonesia, Laos, Macao, Mongolia, Bahrain - Off Shore Banking Centre and Bahrain's country ceilings is Marie Diron, MD -- Sovereign Risk, Sovereign Risk Group, Journalists 44 20 7772 5456, Client Service 44 20 7772 5454.

The relevant office for each country ceiling is identified in "Debt/deal box" on the Ratings tab in the Debt/Deal List section of each issuer/entity page of the website.

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.

Marie Diron
MD - Sovereign Risk
Sub-Sovereign Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Alastair Wilson
MD-Global Sovereign Risk
Sovereign Risk Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
© 2021 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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