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Sub-Sovereign

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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.

Highlights

  • 5 Dec 2016
    • High level of SOE leverage pressures credit quality of Chinese regional and local governments
      The high level of leverage among Chinese state-owned enterprises (SOEs) is pressuring the credit quality of their regional and local government owners. However, deleveraging at the SOEs will take time. The liabilities of more than 100,000 RLG-owned SOEs, including local government financing vehicles (LGFVs), grew at an average annual rate of 14.1% in 2012-15, reaching RMB35.4 trillion ($5.1 billion). This amount was more than double the RLG sector’s total direct debt of RMB16.0 trillion; in most provinces, SOE liabilities exceeded combined RLG revenues... Press Release l Full Report
  • 17 Nov 2016
    • Elections in 2016 could create credit challenges for some Mexican states
      The median liquidity position of Mexican states deteriorated in the 2011-2015 period due to rising cash financing requirements. Higher spending linked to legislative elections in 2016 could create additional credit challenges for states in the Ba and B rating categories, where the liquidity decline was steepest. Elections have historically been associated with higher spending... Full Report
  • 12 Oct 2016
    • Chinese RLGs support for distressed SOEs curtailed
      Recent episodes of state-owned enterprise (SOE) distress show that Chinese regional and local governments’ (RLGs) autonomy to provide direct financial support to struggling SOEs is diminishing as a result of restrictive central government regulations. This report answers frequently asked questions regarding RLGs’ current approach to supporting their SOEs, based on a review of recent credit-distress events... Full Report
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