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2005 Default And Transition Study For International Local And Regional Governments Feb 06
Standard & Poors, Feb 2006
Abstract
Standard & Poor's Ratings Services has updated its study on the performance of long-term issuer credit ratings on local and regional governments (LRGs) outside the U.S. The underlying data covers more than 320 LRGs that have had public or confidential local currency ratings between Jan. 1, 1975, and Dec. 31, 2005. The data supports the following conclusions: Higher rating categories are associated with lower levels of default. Higher rating categories generally correlate with higher degrees of rating stability. The probability of a rating change increases over time. LRG ratings are more stable than corporate ratings. As all Standard & Poor's default studies have shown, there is a basic correlation between higher rating categories and lower levels of default. In particular,...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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