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Rating Action:

Moody's recalibrates Czech Republic's national rating scale and repositions national scale ratings

 The document has been translated in other languages

10 May 2016

Note: On July 06, 2017, the press release was corrected as follows: the location for the first contact was updated to “Moody's Investors Service EMEA Limited Czech Branch.” Revised release follows.

London, 10 May 2016 -- Moody's Public Sector Europe (MPSE) has repositioned the national scale ratings (NSRs) of 11 Czech issuers with national scale rating in conjunction with the recalibration of the Czech national rating scale. In addition, MPSE has published the global scale ratings (GSRs) of all these issuers for the first time.

NSRs, which provide a measure of relative creditworthiness within a single country, are derived from GSRs using country-specific maps. The adoption of a revised correspondence between Moody's GSRs and the Czech national scale, and the publication of previously unpublished GSRs, follows the publication of Moody's updated methodology "Mapping National Scale Ratings from Global Scale Ratings" https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189032 . To enhance transparency of the meaning of NSRs and to minimize the chances they will be misinterpreted, the updated methodology calls for the publication of an issuer's corresponding GSR whenever Moody's publishes an issuer's NSR. While this has long been Moody's typical practice, it will now be applied to all issuers with NSRs. As a result, Moody's is now publishing for the first time the GSRs of several issuers that previously only had public NSRs. For more information, please see "Moody's publishes updated methodology for national scale ratings" https://www.moodys.com/viewresearchdoc.aspx?docid=PR_348579 .

With approximately 30 fundamental issuers in Czech Republic rated by Moody's, the new map has been designed using the standard approach, whereby the map design is selected from a set of standard maps based upon the anchor point, or the lowest GSR that can map to a Aaa.cz. Per the standard approach, Czech Republic's anchor point is unchanged at A1, which is equal to the sovereign bond rating. All GSRs from A1 to Baa1 will map to two ratings on the national scale. The revised map provides more opportunities for credit differentiation on the national scale where global scale ratings concentration is highest -- specifically at the anchor point as well as at the A2 and A3 GSR levels -- than the previous map did. In addition, in order to clarify the meaning of NSRs, overlap -- where two GSRs can correspond to the same NSR -- has been eliminated from the Czech national scale map, so every NSR now maps back to just one GSR. As a result of these changes, GSRs of Ca and above will correspond to NSRs as many as six notches lower on the Czech scale than they did previously.

Consequently, approximately 90% of Czech issuer's primary long-term NSRs are being repositioned an average of 2 notches lower. The repositioned NSRs of individual issuers do not signify a change in credit risk, since the GSRs for these issuers remain unchanged.

As a result of the recalibration, the level of risk associated with a particular Czech NSR level (e.g. Baa2.cz) has changed in many cases. NSRs have no inherent absolute meaning in terms of default risk or expected loss; they are ordinal rankings of creditworthiness relative to other domestic issuers within a given country. A historical probability of default and/or expected loss consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. However, both the probability of default and the expected loss of an NSR may change if and when a country's national scale is remapped.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189749 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

RATINGS RATIONALE

NSRs are assigned by applying the published correspondence from GSRs. Where a single GSR maps to multiple NSRs, rating committees assigned higher or lower NSRs to individual issuers and debts depending on their relative credit position within the same GSR category, using the same methodologies as were used to determine the GSRs themselves.

Today's assignment of the A1 GSR to City of Prostejov reflects city's (1) high self-funding capacity, (2) moderate investment plans, (3) zero debt with no debt requirements in next two years, (4) comfortable cash cushion.

The assignments of the A2 GSRs to the City of Ceska Lipa, City of Klatovy, City of Trebic, City of Uherske Hradiste, City of Zdar nad Sazavou, Region of Liberec, Region South-Moravian, Region Usti, Sprava a udrzba silnic Pardubickeho kraje are based on their (1) sound operating performance, (2) a high self-funding capacity supported by investment subsidies, (3) moderate-to-low debt and well manageable debt service, (4) comfortable liquidity and cash reserves.

The assignment of the Baa1 GSR to the City of Liberec reflects city's (1) high debt which will stay above average sector level, (2) low liquidity and (3) deferred investment. Yet the rating also incorporates improving budgetary management that resulted in operating performance and cash financing surpluses in last four year.

The ratings of Czech regional and local governments (RLGs) also consider their limited revenue raising capacity, especially of Czech regions that are highly dependent on intergovernmental transfers.

WHAT COULD CHANGE THE RATINGS -- UP AND DOWN

The NSRs would face upward or downward pressure if their corresponding GSRs are upgraded or downgraded, unless this is in conjunction with a sovereign rating action that results in another recalibration of the Czech national scale with an offsetting impact on NSRs. In addition, the NSRs may be repositioned upwards (downwards) if Czech Republic's sovereign is downgraded (upgraded) and the map is revised accordingly, but the corresponding GSRs have not changed as a result of the sovereign action. Because of the higher granularity of national scales, NSRs may also face pressure due to changes in creditworthiness that are not sufficient to cause a change in the corresponding GSR, measured using the same methodologies used to determine the GSR.

The change in methodology required the publication of this credit rating action on a date that deviates from the previously scheduled release date in the sovereign release calendar, published on www.moodys.com.

The specific economic indicators, as required by EU regulation, are not available for these entities. The following national economic indicators are relevant to the sovereign rating, which was used as an input to this credit rating action.

Sovereign Issuer: Czech Republic, Government of

GDP per capita (PPP basis, US$): 30,047 (2014 Actual) (also known as Per Capita Income)

Real GDP growth (% change): 4.5% (2015 Actual) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.1% (2015 Actual)

Gen. Gov. Financial Balance/GDP: -1.8% (2015 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: 1.7% (2015 Actual) (also known as External Balance)

External debt/GDP: [not available]

Level of economic development: High level of economic resilience

Default history: No default events (on bonds or loans) have been recorded since 1983.

SUMMARY OF MINUTES FROM RATING COMMITTEE

On 31 March 2016, a rating committee was called to discuss the rating of the Ceska Lipa, City of; Klatovy, City of; Liberec, City of; Prostejov, City of; Trebic, City of; Uherske Hradiste, City of; Zdar nad Sazavou, City of; Liberec, Region of; South-Moravian Region; Usti, Region of; Sprava a udrzba silnic Pardubickeho kraje. The main points raised during the discussion were: The issuer's institutional strength/framework, have materially increased. Change in the methodology Mapping National Scale Ratings from Global Scale Ratings.

The principal methodology used in rating City of Ceska Lipa, City of Klatovy, City of Liberec, Region of Liberec, City of Prostejov, South-Moravian Region, City of Trebic, City of Uherske Hradiste, Region of Usti and City of Zdar nad Sazavou was Regional and Local Governments published in January 2013.

The principal methodology used in rating Sprava a udrzba silnic Pardubickeho kraje was Government-Related Issuers published in October 2014.

Please see the Ratings Methodologies page on www.moodys.com for a copy of these methodologies.

The weighting of all rating factors is described in the methodology used in this credit rating action, if applicable.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_189530.

LAST RATING ACTIONS

Ceska Lipa, City of: Rating Action: Moody's Announces Rating Impact of Joint Default Analysis Methodology for Regional and Local Governments in Europe, Middle-East and Africa (EMEA) (published 15 December 2006) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_124837

Klatovy, City of: Rating Action: Moody's Announces Rating Impact of Joint Default Analysis Methodology for Regional and Local Governments in Europe, Middle-East and Africa (EMEA) (published 15 December 2006) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_124837

Liberec, City of: Rating Action: Moody's assigns Aa2.cz rating to the City of Liberec (published 29 April 2009) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_178079

Liberec, Region of: Rating Action: Moody's Announces Rating Impact of Joint Default Analysis Methodology for Regional and Local Governments in Europe, Middle-East and Africa (EMEA) (published 15 December 2006) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_124837

Prostejov, City of: Rating Action: Moody's upgrades City of Prostejov's national scale rating to Aaa.cz; changes outlook to stable (27 February 2015) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_319095

South-Moravian Region: Rating Action: Moody's assigns Aa1.cz rating to South-Moravian Region (published 8 March 2012) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_239013

Trebic, City of: Rating Action: Moody's Announces Rating Impact of Joint Default Analysis Methodology for Regional and Local Governments in Europe, Middle-East and Africa (EMEA) (published 15 December 2006) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_124837

Uherske Hradiste, City of: Rating Action: Moody's changes the City of Uherske Hradiste's outlook to stable from negative (published 28 June 2010) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_201429

Usti, Region of: Rating Action: Moody's Announces Rating Impact of Joint Default Analysis Methodology for Regional and Local Governments in Europe, Middle-East and Africa (EMEA) (published 15 December 2006) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_124837

Zdar nad Sazavou, City of: Rating Action: Moody's Announces Rating Impact of Joint Default Analysis Methodology for Regional and Local Governments in Europe, Middle-East and Africa (EMEA) (published 15 December 2006) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_124837

Sprava a udrzba silnic Pardubickeho kraje: Rating Action: Moody's assigns Aa1.cz rating to Sprava a udrzba silnic Pardubickeho kraje (published 28 July 2006) https://www.moodys.com/viewresearchdoc.aspx?docid=PR_116959

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 ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

REGULATORY DISCLOSURES

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_189749 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Participation in Unsolicited Credit Ratings

• Releasing Office

• Person Approving the Credit Rating

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The person who approved City of Ceska Lipa, City of Klatovy, City of Liberec, Region of Liberec, City of Prostejov, South-Moravian Region, City of Trebic, City of Uherske Hradiste, Region of Usti and City of Zdar nad Sazavou credit ratings is Mauro Crisafulli, Associate Managing Director, Sub-Sovereign Group, 39-02 9148 1100. The person who approved Sprava a udrzba silnic Pardubickeho kraje credit ratings is David Rubinoff, MD-Sub Sovereigns, Sub-Sovereign Group, 44 20 7772 5456, 44 20 7772 5454.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Dagmar Urbankova
Analyst
Sub-Sovereign Group
Moody's Investors Service EMEA Limited Czech Branch
Washingtonova 17
110 00 Praha 1 (Prague 1)
Prague,
Czech Republic
Telephone: +420-22-422-2929

Mauro Crisafulli
Associate Managing Director
Sub-Sovereign Group
Telephone:+39-02-9148-1100

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

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.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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