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Surviving After Default: The Experiences of Local Governments in Argentina and Russia Feb 03 Product Image

Surviving After Default: The Experiences of Local Governments in Argentina and Russia Feb 03

  • ID: 1784050
  • February 2003
  • Region: Argentina, Russia
  • Standard & Poors

FEATURED COMPANIES

  • Buenos Aires (City of)
  • Mendoza (Province of)
  • Moscow (City of)
  • Russian Federation
  • Samara Oblast
  • St. Petersburg (City of)
  • MORE

Abstract
(Editor's note: This commentary article, which was originally issued on Feb. 25, 2003, has been republished to clarify information in the sections headed "Russia's Local Governments: From Crisis to Recovery," "Central Government Leads Reforms," and "Final Comments." A corrected version follows.) Standard & Poor's analyzes the probability of entities, including local and regional governments, defaulting on financial obligations based on their capacity and willingness to honor their debts. Regardless of their origins, economic crises erode liquidity and often increase costs, affecting local government issuers' capacity to pay. When fiscal trade-offs become necessary, willingness to pay is a key ratings factor. Policymakers must balance many interests when determining which bills to pay and which to defer or default on. When considering...

Companies mentioned in this report are:
- Argentina (Republic of) (Unsolicited Ratings)
- Buenos Aires (Province of)
- Russian Federation
- Moscow (City of)
- Buenos Aires (City of)
- St. Petersburg (City of)
- Mendoza (Province of)
- Tatneft OAO
- Sverdlovsk Oblast
- Samara Oblast
- Tatarstan (Republic READ MORE >

Note: Product cover images may vary from those shown

- Argentina (Republic of) (Unsolicited Ratings)
- Buenos Aires (Province of)
- Russian Federation
- Moscow (City of)
- Buenos Aires (City of)
- St. Petersburg (City of)
- Mendoza (Province of)
- Tatneft OAO
- Sverdlovsk Oblast
- Samara Oblast
- Tatarstan (Republic of)
- Yamal-Nenets Autonomous Okrug

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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