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ARCHIVE | Criteria | Governments | Sovereigns: Sovereign Credit Ratings: A Primer Mar 04
Standard & Poors, March 2004
Abstract
(Editor's Note: This article has been superseded by 'Sovereign Credit Ratings: A Primer,' published on Sept. 27, 2005.) Standard & Poor's sovereign credit ratings reflect its opinions on the ability and willingness of sovereign governments to service their commercial financial obligations in full and on time. Ratings coverage continues to expand, with the 100th sovereign rating recently assigned to Burkina Faso (see 'Sovereign Ratings History Since 1975,' available on RatingsDirect, Standard & Poor's Web-based credit research and analysis system). A rating is a forward-looking estimate of default probability. Sovereign ratings are not 'country ratings,' an important and often misunderstood distinction. Sovereign ratings address the credit risks of national governments, but not the specific default risks of other issuers. A rating...
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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