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ARCHIVE | Criteria | Governments | Sovereigns: Why National Development Banks And Export Credit Agencies Are Rarely Rated Above The Sovereign Feb 07
Standard & Poors, Feb 2007
Abstract
(Editor's note: This article is superseded by 'Enhanced Methodology And Assumptions For Rating Government-Related Entities,' published June 29, 2009, on RatingsDirect.) Standard & Poor's rates 15 national development banks (NDBs) and 14 export credit agencies (ECAs). Most are rated at the sovereign level, a few slightly below. In the wake of a growing number of questions as to why the potential for rating NDBs and ECAs above the sovereign in the country of domicile is quite limited, Standard & Poor's is providing this Credit FAQ to expand upon its recently updated government-related entity (GRE) criteria. (See 'Rating Government-Related Entities: A Primer,' June 14, 2006.) GREs, including NDBs and ECAs, are enterprises that may be affected by extraordinary government intervention in...
Companies mentioned in this report are: Development Bank of Japan Inc.,Japan (Unsolicited Ratings),Germany (Federal Republic of) (Unsolicited Ratings),Korea Development Bank,Korea (Republic of),Brazil (Federative Republic of),China (People's Republic of ),KfW International Finance Inc.,Export-Import Bank of Korea,Mexico,Banco Nacional de Comercio Exterior S.N.C.,Czech Republic,Czech Export Bank,China Development Bank,Banco Nacional de Desenvolvimento Economico e Social,Export-Import Bank of China
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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