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California And Greece: Are The Credit Climates Similar?
Standard & Poors
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.
Abstract
In the aftermath of the global financial crisis and its ongoing recessionary effects since 2008, and because of what appear, on the surface, to be economic and fiscal similarities, such as operating under unified monetary arrangements, some commentators have attempted to draw parallels about the relative credit standing of certain U.S. states and some European Economic and Monetary Union (EMU) sovereigns. One such comparison we've seen is California (A-/Negative) and the Hellenic Republic (Greece; BB-/WatchNeg). While Standard & Poor's Ratings Services agrees that the two have some similar characteristics, we think that a more criteria-oriented review of California's and Greece's respective credit characteristics says otherwise. Applying Standard & Poor's U.S. Public Finance state credit ratings criteria and its Sovereigns credit...
Companies mentioned in this report are: California,Hellenic Republic
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