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Related Issuers
Abruzzo, Region of
Andalucia, Junta de
Aquafin NV
Asturias, Principado de
Athens, City of
Azores, Autonomous Region of
Barcelona, City of
Basilicata, Region of
Basque Country (The)
Bas-Rhin, departement du
Bizkaia, Diputacion Foral de
Bolzano, Autonomous Province of
Bordeaux Metropole
Caen la Mer, Communaute Urbaine
Campania, Region of
Cape Town, City of
Cassa del Trentino S.p.A.
Castilla y Leon, Junta de
Castilla-La Mancha, Junta de Comunidades de
Catalunya, Generalitat de
Cergy-Pontoise, Intermunicipality of
Collectivite Europeenne D'Alsace
Collectivites Territoriales de France No. 1
Communaute Francaise De Belgique
Communautes Urbaines de France No 1
Communautes Urbaines de France No 2
Communautes Urbaines de France No 3
Communautes Urbaines de France No 4
Departement de la Seine Maritime
Departement de L'Eure
Ekurhuleni Water Care Company
Ekurhuleni, City of
Extremadura, Junta de
Flanders, the Community of
Friuli Venezia Giulia, Autonomous Region of
Galicia, Comunidad Autonoma de
Grenoble-Alpes Metropole
Ile-de-France, Region
Johannesburg, City of
Lazio, Region of
Liguria, Region of
Loiret, Departement du
Lombardy, Region of
Madeira, Autonomous Region of
Madrid, Comunidad Autonoma de
Mangaung, Metropolitan Municipality
Meuse, Departement de la
Milan, City of
MM S.p.A.
Molise, Region of
Murcia, Comunidad Autonoma de
Nelson Mandela, Metropolitan Municipality
Piedmont, Region of
Polynesie francaise
Puglia, Region of
Region Bourgogne-Franche-Comte
Region Nouvelle-Aquitaine
Rennes Metropole
Rennes, Ville de
Roma Capitale, Metropolitan city of
Sardinia, Autonomous Region of
Sicily, Autonomous Region of
Societe Publique de Gestion de L'Eau
Steve Tshwete Municipality
Toulouse Metropole
Trento, Autonomous Province of
Tshwane, City of
Umbria, Region of
Universities of Valencia
Valencia, Generalitat de
Valle d'Aosta, Autonomous Region of
Veneto, Region of
Venice, City of
Walloon Region
Announcement of Periodic Review:

Moody's announces completion of a periodic review for a group of Sub-sovereign entities in Europe and Africa

07 Apr 2022

New York, April 07, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below.

The review was conducted through a portfolio review discussion held on 31 March 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. A possible outcome from periodic reviews is a referral of a rating to a rating committee.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.

Key Rating Considerations

The principal methodology used for these rated entities was Government-Related Issuers Methodology published in February 2020. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Government-Related Issuers Methodology

Assigning a Baseline Credit Assessment (BCA): The majority of Government-Related Issuers (GRIs) begin with an assessment of the GRI's standalone strength (i.e. BCA) – its ability to service and repay outstanding debt without recourse to extraordinary support from the supporting government - using the published sector-specific methodology that is most suitable for the predominant activities of the GRI. Our assessment of standalone strength includes any day-to-day support received from the government that can be clearly distinguished from extraordinary support. Support mechanisms, such as an obligation of the government to ensure the GRI's solvency and liquidity, are reflected in the BCA when they are legally or contractually documented.

Government uplift: The GRI's ratings include any uplift due to systemic support and typically focus on three structural factors and three factors explaining the level of the government's willingness to provide support. Structural factors address the legal and quasi-legal aspects of the government's relationship with the GRI and include: (1) guarantees, (2) ownership level and (3) barriers to support. The factors underlying willingness consider the softer connections between the two entities and include (4) the likelihood of government intervention, (5) political linkages and (6) economic importance. Support is determined using a joint default analysis framework which considers an estimate of the likelihood of extraordinary support, an assessment of the credit quality of the supporting government, and default correlation between the two entities.

GRIs without a BCA: In limited instances, it is not possible or meaningful to assign a BCA. The GRI is so inextricably linked to the government that a meaningful standalone BCA cannot be derived. In such cases, a top-down analytical approach is used that chiefly considers the ability and willingness of the government to provide timely support, instead of the usual bottom-up approach of starting with the BCA and then considering uplift towards the government's rating.

• Aquafin NV

• Cassa del Trentino S.p.A.

• Ekurhuleni Water Care Company

• MM S.p.A.

• Societe Publique de Gestion de L'Eau

The principal methodology used for these rated entities was Public Sector Pool Programs and Financings Methodology published in April 2020. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Public Sector Pool Programs and Financings Methodology

Financial Position: Metrics may include but are not limited to balance sheet strength; cash flow projections; operating performance, and default tolerance.

Loan Portfolio: Metrics may include but are not limited to portfolio performance; portfolio characteristics; asset management; state and local real estate conditions; number of loans in portfolios; concentration of borrowers in the pools

Debt and Counterparties: Metrics may include but are not limited to amount of variable rate debt in program; credit quality of counterparties.

Management and Governance: Metrics may include but are not limited to management and governance, operating environment, risk position, risk management infrastructure.

• Collectivites Territoriales de France No. 1

• Communautes Urbaines de France No 1

• Communautes Urbaines de France No 2

• Communautes Urbaines de France No 3

• Communautes Urbaines de France No 4

The principal methodology used for these rated entities was Regional and Local Governments published in January 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Regional and Local Governments

Economic Fundamentals: A regional and local governments (RLG) ability to service its debt depends on, among other factors, the sufficiency and reliability of its future revenues. These are tied, at least in part, to the local economy's ability to generate necessary revenue for the RLG's programs and services. Strong economic strength and lower economic volatility typically translate to a higher likelihood to withstand economic shocks that may impact revenue collection.

Institutional Framework: The institutional framework encompasses the arrangements that determine intergovernmental relations that shape an RLG's powers and responsibilities. The level of predictability and stability of the intergovernmental framework will impact the RLG's ability to implement and adhere to a multi-year fiscal agenda, while the level of financial flexibility imparted to the RLG will impact the RLG's responsiveness to changing fiscal circumstances.

Financial Performance and Debt Profile: Financial performance is the product of the accumulated decisions of the RLG's policymakers. Credit strength will be influenced across a variety of measures to gauge the ability of an RLG to implement policy decisions that generate balanced or positive fiscal outcomes and ensuring their ability to service debt.

Governance and Management: The quality of financial decision-making and execution, financial management practices and transparency of financial disclosures provides important insight into the RLG's ability to plan, articulate and undertake decisions that will impact the financial performance and debt profile.

Other rating considerations: This does not include an exhaustive description of all factors that our analysts consider for ratings in this sector. For instance, our analysis for ratings in this sector also takes into consideration the systemic risk of the operating environment, which is typically captured by the sovereign rating. We may also consider other factors including, but not limited to, contingent liabilities, extraordinary support from higher levels of government and history of default.

• Abruzzo, Region of

• Andalucia, Junta de

• Asturias, Principado de

• Athens, City of

• Azores, Autonomous Region of

• Barcelona, City of

• Basilicata, Region of

• Basque Country (The)

• Bizkaia, Diputacion Foral de

• Bolzano, Autonomous Province of

• Bordeaux Metropole

• Caen la Mer, Communaute Urbaine

• Campania, Region of

• Cape Town, City of

• Castilla y Leon, Junta de

• Castilla-La Mancha, Junta de Comunidades de

• Catalunya, Generalitat de

• Cergy-Pontoise, Intermunicipality of

• Collectivite Europeenne D'Alsace

• Communaute Francaise De Belgique

• Departement de la Seine Maritime

• Departement de L'Eure

• Ekurhuleni, City of

• Extremadura, Junta de

• Flanders, the Community of

• Friuli Venezia Giulia, Autonomous Region of

• Galicia, Comunidad Autonoma de

• Grenoble-Alpes Metropole

• Ile-de-France, Region

• Johannesburg, City of

• Lazio, Region of

• Liguria, Region of

• Loiret, Departement du

• Lombardy, Region of

• Madeira, Autonomous Region of

• Madrid, Comunidad Autonoma de

• Mangaung, Metropolitan Municipality

• Meuse, Departement de la

• Milan, City of

• Molise, Region of

• Murcia, Comunidad Autonoma de

• Nelson Mandela, Metropolitan Municipality

• Piedmont, Region of

• Polynesie francaise

• Puglia, Region of

• Region Bourgogne-Franche-Comte

• Region Nouvelle-Aquitaine

• Rennes Metropole

• Rennes, Ville de

• Roma Capitale, Metropolitan city of

• Sardinia, Autonomous Region of

• Sicily, Autonomous Region of

• Steve Tshwete Municipality

• Toulouse Metropole

• Trento, Autonomous Province of

• Tshwane, City of

• Umbria, Region of

• Valencia, Generalitat de

• Valle d'Aosta, Autonomous Region of

• Veneto, Region of

• Venice, City of

• Walloon Region

The principal methodology used for these rated entities was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in May 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts

Third-party credit support: The goal of third-party credit support is to substitute the credit risk of the support provider for the credit risk of the issuer. For credit substitution to be achieved, investors must be insulated from the risk of payment default by the underlying obligor. Generally, the long-term ratings on credit-supported transactions track the long-term rating assigned to the credit provider.

Additional Considerations: Credit substitution requires more than just the presence of a credit support instrument from a third-party credit provider. The transaction documentation provides clear instructions to ensure that payments under the credit support facility are made when due and that there are no impediments to the timely payment of debt service. The key elements evaluated include: mitigation of bankruptcy risk of issuer; sufficiency of credit support; structural provisions which provide for the timely payment of debt service; bondholders to be paid in full if credit support expiration or termination will result in a change.

• Universities of Valencia

This announcement applies only to Rated Entities with EU rated, UK rated, EU endorsed and UK endorsed ratings. Rated Entities, with Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced herein to the extent necessary, if they are part of the same analytical unit.

Please see the Issuer page on www.moodys.com, for each of the ratings covered, most updated credit rating action, rating history, and Credit Rating action Press Release including the rating rationale and factors that could lead to a rating upgrade or downgrade.

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.


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