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Sub-Sovereign

Credit ratings, research and analysis on regional and local governments as well as on a wide array of public-sector entities with specialized mandates in both the developed and emerging markets, including mass transportation, health care, water systems, social housing, higher education, and charity trusts.

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  DateDocument Type Title Issuer/Entity
22 Apr 2024 Sector Comment Housing – US: Higher mortgage rates restrain housing activity recovery, but low supply limits downside
14 Mar 2024 Sector In-Depth Housing - Advanced Economies: Housing markets are searching for post-pandemic equilibriums
08 Jun 2023 Sector In-Depth Housing – United Kingdom: UK issuers can withstand 10% price fall, but sharper drop would hurt credit quality
20 Apr 2023 Sector In-Depth Housing – UK: Government policy, high inflation and rising rates will erode landlords' benefits from rent growth
02 Mar 2022 Issuer Comment Federal National Mortgage Association: Reduced capital requirements increase GSEs' reliance on government support Federal Home Lo...
Federal Nationa...
24 Jun 2021 Issuer Comment Federal National Mortgage Association and Federal Home Loan Mortgage Corporation: New FHFA director further reduces GSEs' probability of exit from conservatorship, a credit positive Federal Home Lo...
Federal Nationa...
10 May 2021 Issuer Comment Federal National Mortgage Association and Federal Home Loan Mortgage Corporation : Implementation of credible GSE resolution framework would reduce probability of government support, a credit negative Federal Home Lo...
Federal Nationa...
27 Jan 2021 Issuer Comment Federal National Mortgage Association and Federal Home Loan Mortgage Corporation: Amendments to Preferred Stock Purchase Agreements are credit positive, will likely not speed exit from conservatorship Federal Home Lo...
Federal Nationa...
20 Nov 2020 Issuer Comment Federal National Mortgage Association and Federal Home Loan Mortgage Corporation: Increased capital would reduce GSEs' reliance on government support Federal Home Lo...
Federal Nationa...
15 Jun 2020 Sector In-Depth Housing and Housing Finance – US: Coronavirus creates cracks in solid foundations
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