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Announcement:

Moody's seeks market feedback on proposed update to rating approach for regional & local governments outside the US

 The document has been translated in other languages

15 Nov 2012

London, 15 November 2012 -- Moody's Investors Service is inviting market participants to comment on three modifications that the rating agency is proposing to apply to its methodology for rating regional and local governments (RLGs) outside the US. The proposed modifications, which are detailed in a Request for Comment published today, cover the following points:

(1) The rating factors included in the idiosyncratic risk scorecard. This scorecard assesses the individual RLG-specific credit risk on the basis of economic fundamentals, institutional framework, financial performance & debt profile and governance & management.

(2) The relative weight assigned to each factor in the idiosyncratic risk scorecard. Using the factors described above along with associated scores and weights, Moody's generates an estimated idiosyncratic risk score.

(3) The combination of idiosyncratic and systemic risk to best capture an RLG's intrinsic risk via a matrix. Moody's believes that an RLG's credit risk is best assessed by looking at both its individual characteristics and its operating environment, which is represented by the systemic risk embodied in the corresponding sovereign rating. The matrix combines these two factors (idiosyncratic and systemic) to identify a score of an RLG's standalone intrinsic strength (baseline credit assessment or BCA).

The new report, entitled "Proposed Changes to Rating Methodology for Regional and Local Governments", is now available on www.moodys.com and can be accessed via the link provided at the end of this press release. Market participants are invited to provide feedback on the proposed changes by sending comments before 14 December 2012 to cpc@moodys.com. Moody's expects to publish an updated methodology upon due consideration of all comments received by that date.

While reflecting the same core principles as the previous methodologies, Moody's proposed updated framework incorporates refinements that better reflect the key credit fundamentals of the sector. The new analytical tools (i.e., the idiosyncratic risk scorecard and BCA matrix combining idiosyncratic and systemic risk) have been designed to better gauge the intrinsic strength of RLGs. The rating agency anticipates that the implementation of the proposed refinements would not lead to rating changes.

The proposed methodology update would apply to approximately 280 RLG issuers. It would replace Moody's two current methodologies, "Regional and Local Governments Outside the US", published in May 2008, and "The Application of Joint-Default Analysis to Regional and Local Governments", published in December 2008.

The report can be accessed via this link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_141152

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

David Rubinoff
MD - Sub-Sovereigns
Sub-Sovereign Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Sebastien Hay
VP - Senior Credit Officer
Sub-Sovereign Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 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
SUBSCRIBERS: 44 20 7772 5454

Moody's seeks market feedback on proposed update to rating approach for regional & local governments outside the US
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