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2006 Default And Transition Study For International Local And Regional Governments
Standard & Poors, Feb 2007
Abstract
Standard & Poor's Ratings Services has updated its study on the performance of long-term local currency issuer credit ratings on international local and regional governments (LRGs). The underlying data covers 385 LRGs in 34 countries outside the U.S. that have had public or confidential local currency ratings between Jan. 1, 1975, and Dec. 31, 2006 (of which 317 had a rating at year-end 2006). The data supports the following conclusions: Higher rating categories correlate with higher degrees of rating stability, and the probability of a rating change increases gradually over time. LRG upgrades have generally exceeded downgrades since 1995, and this positive credit trend is expected to continue in the next couple of years. LRG ratings are accurate judgments of...
Companies mentioned in this report are: Buenos Aires (Province of),Buenos Aires (City of),Mendoza (Province of),Sverdlovsk Oblast,Tatarstan (Republic of)
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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