1 - Rating Distribution
|
|
|
- Samson Berry
- 5 years ago
- Views:
Transcription
1 1 - Rating Distribution L&R Government Rating L&R Government Ratings (# Released) Cantons (26) Municipalities (2 197) Distribution Characteristics Ø Aa Investment > 95% Subinvestment < 5% Swiss Cantons & Municipalities Aaa Aa+ Aa Aa- A+ A A- Baa+ Baa Baa- Ba+ Ba Ba- B C 1-10
2 Non-Financial Corporate Rating Corporate Ratings (# Released) Public Sector Corporations (178) Private Sector Corporations (54) Distribution Characteristics Ø A Investment > 85% Subinvestment < 15% Swiss Public & Private Corporations Aaa Aa+ Aa Aa- A+ A A- Baa+ Baa Baa- Ba+ Ba Ba- B C 2-10
3 2 - Joint Rating Release L&R Government Rating Joint Issuer Ratings (# under Monitoring) vs S&P (10) Moody s (3) Swiss Cantons & Municipalities 30.8% equal rating 69.2% higher rating than fedafin 3-10
4 3 - Migration Rates History (MR Ø ) L&R Government Rating Aaa Aa A Baa Ba B C D Aaa 88.5% 11.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Aa 7.5% 87.4% 5.0% 0.1% 0.0% 0.0% 0.0% 0.0% A 0.1% 16.7% 79.4% 3.7% 0.0% 0.0% 0.0% 0.0% Baa 0.0% 0.1% 23.3% 72.2% 4.3% 0.0% 0.0% 0.0% Ba 0.0% 0.0% 0.7% 26.1% 67.1% 4.8% 0.4% 0.9% B 0.0% 0.0% 0.0% 1.1% 31.2% 51.5% 10.7% 5.6% C 0.0% 0.0% 0.0% 0.0% 6.4% 26.0% 39.6% 28.0% Aaa Aa+ Aa Aa- A+ A A- Baa+ Baa Baa- Ba+ Ba Ba- B C D Aaa 88.5% 10.2% 1.1% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Aa+ 20.2% 61.2% 16.9% 1.4% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Aa 2.3% 18.1% 63.5% 12.2% 1.5% 2.1% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Aa- 0.7% 2.9% 27.5% 55.4% 11.5% 1.8% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% A+ 0.3% 0.5% 6.8% 26.0% 52.3% 12.3% 1.6% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% A 0.0% 0.1% 5.1% 4.3% 25.4% 53.5% 8.4% 1.4% 1.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% A- 0.0% 0.0% 0.5% 1.1% 5.9% 29.3% 51.9% 8.8% 2.2% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Baa+ 0.0% 0.0% 0.0% 0.1% 2.1% 10.2% 29.3% 45.6% 10.1% 2.3% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% Baa 0.0% 0.1% 0.1% 0.1% 0.5% 8.7% 9.4% 24.3% 46.2% 7.3% 1.6% 1.7% 0.1% 0.1% 0.0% 0.0% Baa- 0.0% 0.0% 0.0% 0.0% 0.0% 0.6% 4.1% 7.7% 32.0% 43.5% 9.3% 2.7% 0.0% 0.0% 0.0% 0.0% Ba+ 0.0% 0.0% 0.0% 0.0% 0.4% 0.2% 1.1% 5.4% 13.9% 30.0% 35.2% 11.7% 1.6% 0.2% 0.2% 0.0% Ba 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.2% 0.8% 10.0% 9.7% 23.5% 43.1% 8.1% 3.4% 0.3% 0.8% Ba- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.8% 1.1% 9.1% 33.0% 36.8% 15.1% 0.7% 2.5% B 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 0.9% 4.3% 14.1% 12.8% 51.5% 10.7% 5.6% C 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.8% 2.0% 3.6% 26.0% 39.6% 28.0% 4-10
5 Non-Financial Corporate Rating Aaa Aa A Baa Ba B C D Aaa 85.9% 14.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Aa 3.9% 84.5% 11.6% 0.0% 0.0% 0.0% 0.0% 0.0% A 0.0% 8.3% 84.3% 7.4% 0.0% 0.0% 0.0% 0.0% Baa 0.0% 0.0% 9.5% 80.2% 10.3% 0.0% 0.0% 0.0% Ba 0.0% 0.0% 0.0% 15.9% 81.4% 2.1% 0.0% 0.7% B 0.0% 0.0% 0.0% 0.0% 28.6% 28.6% 28.6% 14.3% C 0.0% 0.0% 0.0% 0.0% 0.0% 50.0% 0.0% 50.0% Aaa Aa+ Aa Aa- A+ A A- Baa+ Baa Baa- Ba+ Ba Ba- B C D Aaa 85.9% 11.5% 2.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Aa+ 10.6% 68.1% 16.0% 5.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Aa 2.7% 10.8% 58.6% 23.4% 4.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Aa- 0.0% 2.3% 15.4% 56.2% 19.2% 6.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% A+ 0.0% 0.0% 3.6% 12.7% 48.2% 31.8% 3.6% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% A 0.0% 0.0% 0.0% 6.0% 19.7% 48.7% 21.4% 4.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% A- 0.0% 0.0% 0.0% 2.1% 5.2% 18.6% 54.6% 18.6% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Baa+ 0.0% 0.0% 0.0% 0.0% 0.0% 3.6% 17.9% 50.0% 21.4% 7.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Baa 0.0% 0.0% 0.0% 0.0% 0.0% 1.3% 3.8% 26.6% 49.4% 15.2% 2.5% 1.3% 0.0% 0.0% 0.0% 0.0% Baa- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.4% 21.7% 46.4% 24.6% 5.8% 0.0% 0.0% 0.0% 0.0% Ba+ 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.9% 20.0% 61.2% 9.4% 2.4% 1.2% 0.0% 0.0% Ba 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.6% 33.3% 46.2% 12.8% 5.1% 0.0% 0.0% Ba- 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 14.3% 28.6% 52.4% 0.0% 0.0% 4.8% B 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 14.3% 14.3% 28.6% 28.6% 14.3% C 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 50.0% 0.0% 50.0% 5-10
6 4 - Backtesting Probability of Default (PD Ø ) L&R Government Rating 6-10
7 Non-Financial Corporate Rating 7-10
8 5 - Estimating Cumulative Default Rates (CDR) L&R Government Rating (Bp) Aaa Aa A Baa Ba B C 1-Year CDR Year CDR Year CDR Year CDR Non-Financial Corporate Rating (Bp) Aaa Aa A Baa Ba B C 1-Year CDR Year CDR Year CDR Year CDR
9 6 - Benchmarking Default Rates (DR Ø ) L&R Government Rating (Bp) Aaa Aa A Baa Ba B C fedafin S&P * *Source: Standard & Poor s 2016 Annual Sovereign Default Study And Rating Transitions, Sovereign Rating All Non-Financial Corporate Rating (Bp) Aaa Aa A Baa Ba B C fedafin S&P * S&P ** Source: 2016 Annual Global Corporate Default Study And Rating Transitions: * Corporate Rating Europe ** Corporate Rating all 9-10
10 Contact fedafin AG Galerieweg 8 CH-9443 Widnau Phone info@fedafin.com Website Disclaimer Copyright 2018 by fedafin AG (fedafin). No content or any part thereof may be copied, modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of fedafin. The Content shall not be used for any unlawful or unauthorized purposes. Fedafin and their employees do not guarantee the accuracy, completeness, timeliness or availability of the Content. Fedafin and their employees are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. In no event shall fedafin and their employees be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related analyses and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. Fedafin assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. Fedafin s opinions and analyses do not address the suitability of any security. Fedafin does not act as a fiduciary or an investment advisor. While fedafin has obtained information from sources it believes to be reliable, fedafin does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives
April 10,
www.spglobal.com/ratingsdirect April 10, 2018 1 www.spglobal.com/ratingsdirect April 10, 2018 2 www.spglobal.com/ratingsdirect April 10, 2018 3 www.spglobal.com/ratingsdirect April 10, 2018 4 www.spglobal.com/ratingsdirect
28 ИЮНЯ 2012 Г. 1
WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 1 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 2 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT 28 ИЮНЯ 2012 Г. 3 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT
Gabriel Petek, CFA Managing Director U.S. Public Finance Copyright 2016 by S&P Global. All rights reserved.
Municipal Finance Conference Gabriel Petek, CFA Managing Director U.S. Public Finance Copyright 2016 by S&P Global. All rights reserved. US Recession Scenario Sharp selloff in global equity markets S&P
Sovereign Rating Trends In Central America
Sovereign Rating Trends In Central America Live Webcast and Q&A October 5, 2016 Joydeep Mukherji Managing Director Moderator: Sebastian Briozzo Senior Director Copyright 2016 by S&P Global. All rights
PPPs, Contingent Liabilities And Sovereign s Credit Quality
PPPs, Contingent Liabilities And Sovereign s Credit Quality 5 th Annual Meeting of OECD PPP Officials Paris, March 2012 Marko Mršnik Director Sovereign Ratings, Europe Copyright 2011 Standard & Poor s
Standard & Poor s Presentation Virginia GFOA
Standard & Poor s Presentation Virginia GFOA Danielle Leonardis Associate Standard & Poor s May 24, 2012 Copyright 2011 Standard & Poor s Financial Services LLC, a subsidiary of The McGraw-Hill Companies,
Swiss Financial Services Provider PostFinance AG Assigned 'AA+/A-1+' Ratings; Outlook Stable
Research Update: Swiss Financial Services Provider PostFinance AG Assigned 'AA+/A-1+' Ratings; Outlook Stable Primary Credit Analyst: Salla von Steinaecker, Frankfurt (49) 69-33-999-164; salla.vonsteinaecker@standardandpoors.com
National Public Finance Guarantee Corp., MBIA Inc. Ratings Raised On Reentry Into Financial Markets; Outlooks Are Stable
Research Update: National Public Finance Guarantee Corp., MBIA Inc. Ratings Raised On Reentry Into Financial Markets; Outlooks Are Stable Primary Credit Analyst: David S Veno, Hightstown (1) 212-438-2108;
Asia-Pacific Credit Outlook 2017: Banks and Corporates
Asia-Pacific Credit Outlook 2017: Banks and Corporates Gavin Gunning Senior Director, Financial Institutions, Asia-Pacific Qiang Liao Senior Director, Financial Institutions, Greater China Michael Seewald,
RMBS ARREARS STATISTICS
RMBS ARREARS STATISTICS Australia (Excluding Non-Capital Market Issuance) At February 9, RMBS Performance Watch Australia at February 9, Australia Prime Standard & Poor's Rating Services Mortgage Performance
2017 State and Local Government Outlook. Copyright 2017 by S&P Global. All rights reserved.
2017 State and Local Government Outlook Copyright 2017 by S&P Global. All rights reserved. State Government Outlook Gabe Petek Managing Director, S&P Global Ratings John Sugden Senior Director, S&P Global
Interactive Brokers LLC
Summary: Interactive Brokers LLC Primary Credit Analyst: Clayton D Montgomery, New York (1) 212-438-5079; clayton.montgomery@spglobal.com Secondary Contact: Robert B Hoban, New York (1) 212-438-7385; robert.hoban@spglobal.com
Research Update: Kingdom of Belgium Outlook Revised To Negative On Political Deadlock; 'AA+/A-1+' Rating Affirmed.
December 14, 2010 Research Update: Kingdom of Belgium Outlook Revised To Negative On Political Deadlock; 'AA+/A-1+' Rating Primary Credit Analyst: Marko Mrsnik, Madrid +34 913 896 953;marko_mrsnik@standardandpoors.com
VACo/VML Virginia Investment Pool (VIP) 1-3 Year High Quality Bond Fund 'AAf/S1' Ratings Affirmed Following UCO Review
VACo/VML Virginia Investment Pool (VIP) 1-3 Year High Quality Bond Fund 'AAf/S1' Ratings Affirmed Primary Credit Analyst: Peter L Rizzo, New York (1) 212-438-5059; peter.rizzo@spglobal.com Secondary Contact:
Various Rating Actions On Three Deutsche Postbank Covered Bond Programs; Ratings Then Withdrawn At The Bank's Request
Various Rating Actions On Three Deutsche Postbank Covered Bond Programs; Ratings Then Withdrawn At The Primary Credit Analyst: Ioan Isopel, Frankfurt (49) 69-33-999-306; ioan_isopel@standardandpoors.com
Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable
Research Update: Navigators International Insurance Co. Ltd. Assigned 'A' Ratings; Outlook Stable Primary Credit Analyst: David S Veno, Hightstown (1) 212-438-2108; david.veno@spglobal.com Secondary Contact:
Health Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded
Research Update: Health Care Service Corp. d/b/a Blue Cross Blue Shield of Illinois, New Mexico, Oklahoma, Texas and Montana Downgraded Primary Credit Analyst: Neal I Freedman, New York (1) 212-438-1274;
Intercompany Financing Transfer Pricing: Challenges Within an Ever Changing Environment
Intercompany Financing Transfer Pricing: Challenges Within an Ever Changing Environment James West Head of Market Development, Corporates, EMEA S&P Global Market Intelligence Ernest Breitschwerdt, CFA
Southern California Metropolitan Water District; General Obligation; Water/Sewer
Summary: Southern California Metropolitan Water District; General Obligation; Water/Sewer Primary Credit Analyst: Chloe S Weil, San Francisco (1) 415-371-5026; chloe.weil@standardandpoors.com Secondary
Sovereign And Country Risk What They Mean For Financial Institutions
Sovereign And Country Risk What They Mean For Financial Institutions Ivelina Stanoeva Director 6 April 2016 Permission to reprint or distribute any content from this presentation requires the prior written
Connecticut; State Revolving Funds/Pools
Summary: ; State Revolving Funds/Pools Primary Credit Analyst: Erin Boeke Burke, New York 212-438-1515; Erin.Boeke-Burke@spglobal.com Secondary Contact: Scott D Garrigan, New York (1) 312-233-7014; scott.garrigan@spglobal.com
Standard & Poor s Approach To Pension Liabilities In Light Of GASB 67 And 68
Credit FAQ: Standard & Poor s Approach To Pension Liabilities In Light Of GASB 67 And 68 Primary Credit Analyst: John A Sugden, New York (1) 212-438-1678; john.sugden@standardandpoors.com Secondary Contacts:
Evaluating Sovereign Risk in Infrastructure Projects
Evaluating Sovereign Risk in Infrastructure Projects 5 th Annual Meeting of OECD PPP Officials Paris, March 2012 Jonathan Manley Managing Director Infrastructure Finance Standard & Poor s March 26, 2012
Bank Loan Structures Risks Remain, But GASB 88 Is A Positive Step Toward Transparency In Financial Reporting
Bank Loan Structures Risks Remain, But GASB 88 Is A Positive Step Toward Transparency In Financial Reporting Primary Credit Analyst: Geoffrey E Buswick, Boston (1) 617-530-8311; geoffrey.buswick@spglobal.com
White Plains Capital Company, LLC (As Of April 2014)
ABCP Portfolio Data: White Plains Capital Company, LLC (As Of April 2014) Primary Credit Analyst: Radhika Kalra, New York (1) 212-438-2143; radhika.kalra@standardandpoors.com Surveillance Credit Analyst:
Springfield, Michigan; General Obligation
Summary: Springfield, Michigan; General Obligation Primary Credit Analyst: Elizabeth Bachelder, Chicago (1) 312-233-7006; elizabeth.bachelder@standardandpoors.com Secondary Contact: Errol R Arne, New York
Marine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Performance; Ratings Affirmed
Research Update: Marine Insurer The Swedish Club Outlook Revised To Positive On Continuing Solid Operating Primary Credit Analyst: Robert J Greensted, London (44) 20-7176-7095; robert.greensted@spglobal.com
Mont Blanc Capital Corp. (As Of June 2014)
ABCP Portfolio Data: Mont Blanc Capital Corp. (As Of June 2014) Primary Credit Analyst: Andrea Quirk, London (44) 20-7176-3736; andrea.quirk@standardandpoors.com Surveillance Credit Analyst: Thomas Cho,
Three Euler Hermes Companies Upgraded To 'AA' From 'AA-' Due To Revised Status Within The Allianz Group; Outlook Stable
Research Update: Three Euler Hermes Companies Upgraded To 'AA' From 'AA-' Due To Revised Status Within The Allianz Group; Outlook Stable Primary Credit Analyst: Birgit Roeper-Gruener, Frankfurt (49) 69-33-999-172;
Outlooks On Australian Major Banks And Strategically Important Subs Revised To Negative On Similar Sovereign Action
Outlooks On Australian Major Banks And Strategically Important Subs Revised Negative On Similar Sovereign Primary Credit Analyst: Peter Sikora, Melbourne (61) 3-9631-2094; peter.sikora@spglobal.com Secondary
S&P Global Ratings: Natural Disasters Credit Update
S&P Global Ratings: Natural Disasters Credit Update Moderator Robin Prunty, Managing Director Speakers Jenny Poree, Senior Director Nora Wittstruck, Director Sussan Corson, Director Jane Ridley, Senior
Summary: Windsor, Connecticut; General Obligation. Table Of Contents. Rationale Outlook Related Research. March 12,
March 12, 2010 Summary: Windsor, Connecticut; General Obligation Primary Credit Analyst: Victor Medeiros, Boston (1) 617-530-8305; victor_medeiros@standardandpoors.com Secondary Credit Analyst: Henry W
Friendswood, Texas; General Obligation
Summary: Friendswood, Texas; General Obligation Primary Credit Analyst: Edward R McGlade, New York (1) 212-438-2061; edward.mcglade@standardandpoors.com Secondary Contact: Lauren H Spalten, Dallas (1)
Petroleos Mexicanos, Its Subsidiaries, And Comision Federal de Electricidad Outlooks Revised To Stable From Negative
Research Update: Petroleos Mexicanos, Its Subsidiaries, And Comision Federal de Electricidad Outlooks Revised To Stable From Negative Primary Credit Analysts: Marcela Duenas, Mexico City (52) 55-5081-4437;
Dutch BNG Bank And NWB Bank Ratings Raised To 'AAA' Following Similar Action On The Netherlands; Outlooks Stable
Dutch BNG Bank And NWB Bank Ratings Raised To 'AAA' Following Similar Action On The Netherlands; Primary Credit Analyst: Philippe Raposo, Paris (33) 1-4420-7377; philippe.raposo@standardandpoors.com Secondary
CONSENSUS OPERATING EARNINGS for the S&P 500, MidCap 400 and SmallCap 600 Indices, as well as the Sectors in the S&P /02/18
CONSENSUS OPERATING EARNINGS for the S&P 500, MidCap 400 and SmallCap 600 Indices, as well as the Sectors in the S&P 500. 02/02/18 Operating EPS Y/Y % chgs. S&P 500 Sector Q1 Q2 2017 Q3 Q4E Year Q1E Q2E
S&P's Views Of GASB's Proposed Changes In Government Pension Accounting
December 15, 2010 S&P's Views Of GASB's Proposed Changes In Government Pension Accounting Primary Credit Analyst: David G Hitchcock, New York (1) 212-438-2022; david_hitchcock@standardandpoors.com Secondary
Mediobanca SpA. Primary Credit Analyst: Regina Argenio, Milan (39) ;
Summary: Mediobanca SpA Primary Credit Analyst: Regina Argenio, Milan (39) 02-72111-208; regina.argenio@spglobal.com Secondary Contact: Mirko Sanna, Milan (39) 02-72111-275; mirko.sanna@spglobal.com Table
U.K. Life Insurer Scottish Equitable 'A+' Rating Affirmed; Outlook Remains Negative
Research Update: U.K. Life Insurer Scottish Equitable 'A+' Rating Affirmed; Outlook Remains Negative Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary
Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable
Research Update: Basler Kantonalbank Long-Term Ratings Lowered To 'AA' Due To Remaining Legal And Reputational Risks; Outlook Stable Primary Credit Analyst: Dirk Heise, Frankfurt (49) 69-33-999-163; dirk.heise@standardandpoors.com
German Wirtschafts- Und Infrastrukturbank Hessen Upgraded To 'AA+'; Outlook Stable
Research Update: German Wirtschafts- Und Infrastrukturbank Hessen Upgraded To 'AA+'; Outlook Stable Primary Credit Analyst, Sovereigns And International Public Finance: Michael Stroschein, Frankfurt +49
Qatar-Based Doha Bank Assurance 'BBB+' Ratings Affirmed; Outlook Remains Negative
Research Update: Qatar-Based Doha Bank Assurance 'BBB+' Ratings Affirmed; Outlook Remains Negative Primary Credit Analyst: Michael Dunckley, Dubai 0097143727182; Michael.Dunckley@spglobal.com Secondary
NN Group 'A-' And Core Subsidiary 'A+' Ratings Remain On CreditWatch Negative After Offer On Delta Lloyd
Research Update: NN Group 'A-' And Core Subsidiary 'A+' Ratings Remain On CreditWatch Negative After Offer On Delta Lloyd Primary Credit Analyst: Marc-Philippe Juilliard, Paris +(33) 1-4075-2510; m-philippe.juilliard@spglobal.com
Request For Comment: Global Framework For Assessing Operational Risks Specific To Wireless Device Payment Plan Agreements
Request For Comment: Global Framework For Assessing Operational Risks Specific To Wireless Device Payment Plan Agreements July 18, 2017 Farooq Omer (1) 212-438-1129 farooq.omer@spglobal.com Mark O Neil
Comision Federal de Electricidad, PEMEX, And Subsidiaries Local Currency Ratings Cut To 'A-' On Change In S&P Criteria
Research Update: Comision Federal de Electricidad, PEMEX, And Subsidiaries Local Currency Ratings Cut To 'A-' On Change In S&P Criteria Primary Credit Analyst: Marcela Duenas, Mexico City (52) 55-5081-4437;
Temasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable
Research Update: Temasek Holdings 'AAA/A-1+' Ratings Affirmed On Close Government Ties; Outlook Stable Primary Credit Analyst: Bertrand P Jabouley, CFA, Singapore (65) 6239-6303; bertrand.jabouley@spglobal.com
EXTERNAL RISK ADJUSTED CAPITAL FRAMEWORK MODEL
Version 2.0 START HERE S&P GLOBAL RATINGS EXTERNAL RISK ADJUSTED CAPITAL FRAMEWORK MODEL 2017 This model guide describes the functionality of the external Risk Adjusted Capital (RAC) Model that S&P Global
Providence Water Supply Board, Rhode Island; Water/Sewer
Summary: Providence Water Supply Board, Rhode Island; Water/Sewer Primary Credit Analyst: Geoffrey E Buswick, Boston (1) 617-530-8311; geoffrey.buswick@standardandpoors.com Secondary Contact: Scott D Garrigan,
How We Rate Sovereigns
Criteria Officer, Global Sovereigns: Olga I Kalinina, CFA, New York (1) 212-438-7350; olga.kalinina@standardandpoors.com Primary Credit Analysts: John B Chambers, CFA, New York (1) 212-438-7344; john.chambers@standardandpoors.com
Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed
Research Update: Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed Primary Credit Analyst: Anthony J Beato, New York (1) 212-438-6066; anthony.beato@spglobal.com Secondary Contacts:
City of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Outlook Stable
Research Update: City of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Primary Credit Analyst: Dina Shillis, CFA, Toronto (416) 507-3214; dina.shillis@spglobal.com Secondary
U.S. Charter School Median Ratios
U.S. Charter School Median Ratios Moderator: Laura Kuffler Macdonald Senior Director and Analytical Manager U.S. Public Finance Speakers: Jessica Matsumori Senior Director and Analytical Manager U.S. Public
(/en_us/web/guest/home) MidMichigan Health, MI Bond Rating Outlook Revised To Positive On Operational Performance, Solid Balance Sheet Metrics
(/en_us/web/guest/home) MidMichigan Health, MI Bond Rating Outlook Revised To Positive On Operational Performance, Solid Balance Sheet Metrics 15-Nov-2017 17:30 EST View Analyst Contact Information NEW
Secondary Contact: Cihan Duran, Frankfurt (49) ; Related Criteria And Research
Summary: DVB Bank SE Primary Credit Analyst: Bernd Ackermann, Frankfurt (49) 69-33-999-153; bernd.ackermann@spglobal.com Secondary Contact: Cihan Duran, Frankfurt (49) 69-33-999-242; cihan.duran@spglobal.com
Standard & Poor's Maalot (Israel) National Scale: Methodology For Nonfinancial Corporate Issue Ratings
Criteria Corporates General: Standard & Poor's Maalot (Israel) National Scale: Methodology For Nonfinancial Corporate Issue Ratings Primary Credit Analyst: Yuval Torbati, RAMAT-GAN (972) 3-753-9714; yuval.torbati@spglobal.com
Apex Town, North Carolina; General Obligation
Summary: Apex Town, North Carolina; General Obligation Primary Credit Analyst: Linda Yip, New York (1) 212-438-2036; linda_yip@standardandpoors.com Secondary Contact: Andrew R Teras, Boston (1) 617-530-8315;
BCS Holding International And BCS (Cyprus) Ltd. Outlooks Revised To Stable On Resilient Earnings; Ratings Affirmed
Research Update: BCS Holding International And BCS (Cyprus) Ltd. Outlooks Revised To Stable On Resilient Earnings; Ratings Affirmed Primary Credit Analyst: Roman Rybalkin, CFA, Moscow (7) 495-783-40-94;
Vier Gas Transport GmbH (Open Grid Europe Group)
Summary: Vier Gas Transport GmbH (Open Grid Europe Group) Primary Credit Analyst: Tobias Buechler, CFA, Frankfurt +49 (0)69-33 999-136; tobias.buechler@standardandpoors.com Secondary Contact: Vittoria
U.K.-Based Housing Association Notting Hill Home Ownership Assigned 'AA' Rating; Outlook Stable
Research Update: U.K.-Based Housing Association Notting Hill Home Ownership Assigned 'AA' Rating; Outlook Primary Credit Analyst: Hugo Foxwood, London (44) 20-7176-3781; hugo.foxwood@standardandpoors.com
Stand-Alone Credit Profiles: One Component Of A Rating
General Criteria: Stand-Alone Credit Profiles: One Component Of A Rating Senior Criteria Officer, Corporates: Peter Kernan, London (44) 20-7176-3618; peter.kernan@spglobal.com Table Of Contents SCOPE OF
Republic of Italy. Table Of Contents. Major Rating Factors Rationale Outlook Related Criteria And Research. September 19, 2011
September 19, 2011 Republic of Italy Sovereign Ratings Group: David T Beers, Managing Director, London (44) 20-7176-7101; david_beers@standardandpoors.com Table Of Contents Major Rating Factors Rationale
Credit Suisse (Schweiz) AG Assigned 'A/A-1' Ratings; Outlook Stable
Research Update: Credit Suisse (Schweiz) AG Assigned 'A/A-1' Ratings; Outlook Stable Primary Credit Analyst: Bernd Ackermann, Frankfurt (49) 69-33-999-153; bernd.ackermann@spglobal.com Secondary Contact:
Sector Methodology. Quality. Scale. Performance.
Sector Methodology Quality. Scale. Performance. Your Guide to CFRA Sector Methodology Quality. Scale. Performance. CFRA s Investment Policy Committee (IPC) consists of a team of five seasoned investment
African Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable
Research Update: African Reinsurance Corp. 'A-' Ratings Affirmed After Insurance Criteria Change; Outlook Stable Primary Credit Analyst: Matthew D Pirnie, Johannesburg (27) 11-213-1993; matthew.pirnie@standardandpoors.com
Austrian Export Credit Agency Oesterreichische Kontrollbank 'AA+/A-1+' Ratings Affirmed; Outlook Stable
Research Update: Austrian Export Credit Agency Oesterreichische Kontrollbank 'AA+/A-1+' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Alois Strasser, Frankfurt (49) 69-33-999-240; alois.strasser@spglobal.com
Methodology For Crude Oil And Natural Gas Price Assumptions For Corporates And Sovereigns
General Criteria: Methodology For Crude Oil And Natural Gas Price Assumptions For Corporates And Sovereigns Primary Credit Analysts: Thomas A Watters, New York (1) 212-438-7818; thomas.watters@spglobal.com
Belgian Export Credit Agency Credendo ECA Ratings Affirmed At 'AA/A-1+'; Outlook Stable
Research Update: Belgian Export Credit Agency Credendo ECA Ratings Affirmed At 'AA/A-1+'; Outlook Stable Primary Credit Analyst: Marie-France Raynaud, Paris (33) 1-4420-6754; marie-france.raynaud@spglobal.com
Research Update: Italy-Based Banca Carige SpA Ratings Lowered To 'BBB-/A-3' On Italy BICRA Change; Outlook Negative.
February 10, 2012 Research Update: Italy-Based Banca Carige SpA Ratings Lowered To 'BBB-/A-3' On Italy BICRA Change; Outlook Negative Table Of Contents Overview Rating Action Rationale Outlook Ratings
Canton, Massachusetts; General Obligation; Note
Summary: Canton, Massachusetts; General Obligation; Note Primary Credit Analyst: Christina Marin, Boston 617-530-8312; christina.marin@standardandpoors.com Secondary Contact: Anthony Polanco, Boston 617-530-8234;
AXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable
Research Update: AXA China Region Insurance Co. (Bermuda) Ltd. And AXA China Region Insurance Co. Ltd. Rated 'AA-'; Outlook Stable Primary Credit Analyst: Michael J Vine, Melbourne (61) 3-9631-2013; Michael.Vine@spglobal.com
Puerto Rico; General Obligation; General Obligation Equivalent Security
Summary: Puerto Rico; General Obligation; General Obligation Equivalent Security Primary Credit Analyst: David G Hitchcock, New York (1) 212-438-2022; david.hitchcock@standardandpoors.com Secondary Contact:
Research Update: Grupo de Inversiones Suramericana S.A. 'BBB-' Ratings Affirmed, Off CreditWatch On Successful Capitalization Plan.
June 12, 2012 Research Update: Grupo de Inversiones Suramericana S.A. 'BBB-' Ratings Affirmed, Off CreditWatch On Successful Capitalization Plan Primary Credit Analyst: Luis Manuel M Martinez, Mexico City
Transaction Update: Kommunalkredit Austria AG (Public Sector Covered Bonds)
Transaction Update: Kommunalkredit Austria AG (Public Sector Covered Bonds) Fundierte Bankschuldverschreibungen Primary Credit Analyst: Ioan Isopel, Frankfurt (49) 69-33-999-306; ioan.isopel@spglobal.com
Dutch Energy Distribution Network Operator Enexis Holding N.V. Assigned 'A-1' Short-Term Rating
Research Update: Dutch Energy Distribution Network Operator Enexis Holding N.V. Assigned 'A-1' Short-Term Primary Credit Analyst: Beatrice de Taisne, CFA, London (44) 20-7176-3938; beatrice.de.taisne@spglobal.com
Petroleos Mexicanos And Subsidiaries Upgraded To Foreign Currency 'BBB+' And Local Currency 'A' On Sovereign Upgrade
Research Update: And Subsidiaries Upgraded To Foreign Currency 'BBB+' And Local Currency 'A' On Sovereign Upgrade Primary Credit Analyst: Fabiola Ortiz, Mexico City (52) 55-5081-4449; fabiola.ortiz@standardandpoors.com
Royal Bank of Scotland Ratings Lowered To 'A-/A-2' On Extended Restructuring; Outlook Negative
Research Update: Royal Bank of Scotland Ratings Lowered To 'A-/A-2' On Extended Restructuring; Outlook Primary Credit Analyst: Dhruv Roy, London (44) 20-7176-6709; dhruv.roy@standardandpoors.com Secondary
Chubb Insurance Singapore Ltd.
Primary Credit Analyst: Trupti U Kulkarni, Singapore (65) 6216-1090; trupti.kulkarni@spglobal.com Secondary Contact: Billy Teh, Singapore (65) 6216-1069; billy.teh@spglobal.com Table Of Contents Major
Bond Ratings 101. Minnesota Government Finance Officers Association. Arrowwood Resort Alexandria, Minnesota September 28, 2017
Bond Ratings 101 Cora Bruemmer Associate Director U.S. Public Finance State & Local Government Minnesota Government Finance Officers Association Arrowwood Resort Alexandria, Minnesota September 28, 2017
Austria-Based KA Finanz Downgraded To 'A-/A-2' On Revised Expectation Of State Support; Outlook Stable
Research Update: Austria-Based KA Finanz Downgraded To 'A-/A-2' On Revised Expectation Of State Support; Outlook Stable Primary Credit Analyst: Anna Lozmann, Frankfurt +49 (0) 69 33 999 16; anna.lozmann@standardandpoors.com
Tri-County Metropolitan Transportation District, Oregon; Miscellaneous Tax
Summary: Tri-County Metropolitan Transportation District, Oregon; Miscellaneous Tax Primary Credit Analyst: Jennifer Hansen, San Francisco (1) 415-371-5035; jen.hansen@spglobal.com Secondary Contact: Kaila
Ameritas Life Insurance Corp.
Primary Credit Analyst: Elizabeth A Campbell, New York (1) 212-438-2415; elizabeth.campbell@spglobal.com Secondary Contact: Neil R Stein, New York (1) 212-438-596; neil.stein@spglobal.com Table Of Contents
An Overview of S&P s Local GO Criteria
An Overview of S&P s Local GO Criteria Danielle Leonardis, Associate U.S. Public Finance Ratings May 30, 2014 Permission to reprint or distribute any content from this presentation requires the prior written
Macquarie Group Ltd.
Primary Credit Analyst: Nico N DeLange, Sydney (61) 2-9255-9887; nico.delange@spglobal.com Secondary Contact: Sharad Jain, Melbourne (61) 3-9631-2077; sharad.jain@spglobal.com Table Of Contents Major Rating
South African Life Insurer Liberty Group Ltd. 'zaaa+' South Africa National Scale Rating Affirmed
Research Update: South African Life Insurer Liberty Group Ltd. 'zaaa+' South Africa National Scale Rating Primary Credit Analyst: Ali Karakuyu, London (44) 20-7176-7301; ali.karakuyu@spglobal.com Secondary
Italian Multi-Utility Hera Outlook Revised To Negative On Delayed Credit Metric Recovery; 'BBB+/A-2' Ratings Affirmed
Research Update: Italian Multi-Utility Hera Outlook Revised To Negative On Delayed Credit Metric Recovery; 'BBB+/A-2' Ratings Affirmed Primary Credit Analyst: Vittoria Ferraris, Milan (39) 02-72111-207;
Austrian State of Burgenland Ratings Affirmed At 'AA/A-1+'; Outlook Stable
Research Update: Austrian State of Burgenland Ratings Affirmed At 'AA/A-1+'; Outlook Stable Primary Credit Analyst: Niklas Steinert, Frankfurt (0049) 69 33 999 248; niklas.steinert@spglobal.com Secondary
The Country Risk And Sovereign Risk Conundrum
The Country Risk And Sovereign Risk Conundrum Michael Bolle Vice President, S&P Credit Solutions Head of Market Development EMEA 8 October 2015 Ivelina Stanoeva Director, Analytical Solutions & Services
Germany-Based Santander Consumer Bank Outlook Revised To Stable From Positive; 'BBB+/A-2' Ratings Affirmed
Research Update: Germany-Based Santander Consumer Bank Outlook Revised To Stable From Positive; 'BBB+/A-2' Ratings Affirmed Primary Credit Analyst: Heiko Verhaag, Frankfurt (49) 69-33-999-215; heiko.verhaag@spglobal.com
Mapfre Insurance Group Core Entities Downgraded To 'BBB+' Following Downgrade Of Spain; On CreditWatch Negative
Research Update: Mapfre Insurance Group Core Entities Downgraded To 'BBB+' Following Downgrade Of Spain; On CreditWatch Negative Primary Credit Analyst: Marco Sindaco, London (44) 20-7176-7095; Marco_Sindaco@standardandpoors.com
Banca Popolare dell'alto Adige Outlook Revised To Positive From Stable; 'BB/B' Ratings Affirmed
Research Update: Banca Popolare dell'alto Adige Outlook Revised To Positive From Stable; 'BB/B' Ratings Affirmed Primary Credit Analyst: Letizia Conversano, Milan (39) 02-72111-283; letizia.conversano@spglobal.com
Burlington, Massachusetts; General Obligation; Note
Summary: Burlington, Massachusetts; General Obligation; Note Primary Credit Analyst: Henry W Henderson, Boston (1) 617-530-8314; henry_henderson@standardandpoors.com Secondary Contact: Victor Medeiros,
Elenia Finance Oyj. Primary Credit Analyst: Alf Stenqvist, Stockholm (46) ;
Summary: Elenia Finance Oyj Primary Credit Analyst: Alf Stenqvist, Stockholm (46) 8-440-5925; alf.stenqvist@standardandpoors.com Secondary Contact: Mikaela Hillman, Stockholm (46) 8-440-5917; mikaela.hillman@standardandpoors.com
Ratings On International Finance Corporation Affirmed At 'AAA/A-1+' On Criteria Revision; Outlook Stable
Research Update: Ratings On International Finance Corporation Affirmed At 'AAA/A-1+' On Criteria Revision; Primary Credit Analyst: Nikola G Swann, CFA, FRM, Toronto (1) 416-507-2582; nikola_swann@standardandpoors.com
City of Winnipeg 'AA' Ratings Affirmed; Outlook Remains Stable
Research Update: City of Winnipeg 'AA' Ratings Affirmed; Outlook Remains Stable Primary Credit Analyst: Hector Cedano, Toronto (1) 416 507 2536; hector.cedano@spglobal.com Secondary Contact: Bhavini Patel,
Swedish Municipality Of Norrkoping 'AA+/A-1+' Ratings Affirmed; Outlook Stable
Research Update: Swedish Municipality Of Norrkoping 'AA+/A-1+' Ratings Affirmed; Outlook Stable Primary Credit Analyst: Carina Johansson, Stockholm (46) 8-440-5918; carina.johansson@spglobal.com Secondary
Metropolitan Water Reclamation District of Greater Chicago; General Obligation
Summary: Metropolitan Water Reclamation District of Greater Chicago; General Obligation Primary Credit Analyst: Jennifer Boyd, Chicago (1) 312-233-7040; jennifer.boyd@spglobal.com Secondary Contact: John
Spain-Based Banco Popular Espanol Ratings Raised To 'BBB+/A-2' On Acquisition By Santander; Outlook Positive
Research Update: Spain-Based Banco Popular Espanol Ratings Raised To 'BBB+/A-2' On Acquisition By Santander; Outlook Positive Primary Credit Analyst: Lucia Gonzalez, Madrid (34) 91 788 7219; lucia.gonzalez@spglobal.com
Dutch Bank LeasePlan 'BBB+/A-2' Ratings Placed On Watch Negative On Potential Ownership Change
Research Update: Dutch Bank LeasePlan 'BBB+/A-2' Ratings Placed On Watch Negative On Potential Ownership Primary Credit Analyst: Rayane Abbas, CFA, Paris +33 1 44 20 73 02; rayane.abbas@standardandpoors.com
Euler Hermes Group Core Subsidiaries Affirmed At 'AA-' On Improved Enterprise Risk Management; Outlook Stable
Research Update: Euler Hermes Group Core Subsidiaries Affirmed At 'AA-' On Improved Enterprise Risk Management; Outlook Stable Primary Credit Analyst: Taos D Fudji, Milan (39) 02-72111-276; taos.fudji@standardandpoors.com
Research Update: Austria-Based KA Finanz 'A/A-1' Ratings Affirmed, Outlook Stable. Table Of Contents
January 25, 2012 Research Update: Austria-Based KA Finanz 'A/A-1' Ratings Affirmed, Outlook Stable Primary Credit Analyst: Anna Lozmann, Frankfurt 49 0 69 33 999 166;anna_lozmann@standardandpoors.com Secondary