The ENCA region: Vulnerability and Resilience. Lúcio Vinhas de Souza, Sovereign Chief Economist

Size: px
Start display at page:

Download "The ENCA region: Vulnerability and Resilience. Lúcio Vinhas de Souza, Sovereign Chief Economist"

Transcription

1 The ENCA region: Vulnerability and Resilience Lúcio Vinhas de Souza, Sovereign Chief Economist

2 Rated Sovereigns in the ENCA region» Moody s only rates 8 of the 12 ENCA (or CIS) countries: Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Moldova, Russia and Ukraine.» Among those rated, ratings-wise, there is a clear divide between (net) energy commodity exporters and the others, in terms of fiscal and external vulnerability

3 Our Sovereign ratings in the region Armenia Ba2 Ba2 Ba2 Ba2 Ba2 Ba2 Ba2 Ba2 Ba2 Azerbaijan Ba1 Ba1 Ba1 Ba1 Ba1 Ba1 Baa3 Baa3 Baa3 Belarus -- B1 B1 B1 B1 B3 B3 B3 B3 Georgia Ba3 Ba3 Ba3 Ba3 Ba3 Kazakhstan 2 Baa2 Baa2 Baa2 Baa2 Baa2 Baa2 Baa2 Baa2 Baa2 Moldova Caa1 Caa1 Caa1 WR B3 B3 B3 B3 B3 Russia Baa2 Baa2 Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 Baa1 Ukraine B1 B1 B1 B2 B2 B2 B3 Caa1 Caa2 1 Rating at year end. 2 Refers to foreign currency rating Source: Moody's

4 Some data: GDP and debt/deficit GDP Armenia Azerbaijan Belarus Georgia Kazakhstan Moldova Russia Ukraine Avg Avg. Com Source: Moody's Debt Armenia Azerbaijan Belarus Georgia Kazakhstan Moldova Russia Ukraine Avg Avg. Com Source: Moody's Deficit Armenia Azerbaijan Belarus Georgia Kazakhstan Moldova Russia Ukraine Avg Avg. Com Source: Moody's

5 Some data: CAB and EVI CAB Armenia Azerbaijan Belarus Georgia Kazakhstan Moldova Russia Ukraine Avg Avg. Com Source: Moody's EVI Armenia Azerbaijan Belarus Georgia Kazakhstan Moldova Russia Ukraine Avg Avg. Com Source: Moody's

6 Region s strengths and challenges» These countries broadly share the same strengths and vulnerabilities» Those include, in the vulnerability side, low diversification, limited institutional strength and vulnerability to geopolitical shocks» On the strength side, they mostly have limited fiscal vulnerability and (if an oil exporter) external vulnerability» There are exceptions to both: namely, the smaller, non-commodity economies have usually better governance indicators and, at the same time, worse fiscal and external positions, than the commodity based economies in the region

7 Armenia» Armenia Credit Strengths» - The government's commitment to fiscal prudence and macroeconomic stability» - A commitment to structural reforms in support of broadening the economic base and improving the business climate» - The favorable cost of funding due to borrowings from official lenders» Credit Challenges» -Low economic diversification and high exposure to economic and financial spillovers, in particular from Russia» -A vulnerable external position, including a high degree of dollarization» -Geo-political risk, particularly in relations with Azerbaijan and Turkey» Banking Sector Risk» Average Baseline Credit Assessment (BCA) b1» Total Domestic Bank Assets/GDP 61.8» Banking System Loan-to-Deposit Ratio 132.5

8 Azerbaijan» Credit Strengths» -Sizeable oil and gas reserves that provide substantial revenues to the government over the medium term» -Low level of government debt and interest payments» -High level of foreign assets that buffer against internal and external shocks» Credit Challenges» -Weak governance indicators» -Limited economic diversification» -Geopolitical tensions» Banking Sector Risk» Average Baseline Credit Assessment (BCA) b3» Total Domestic Bank Assets/GDP (2012) 24.7» Banking System Loan-to-Deposit Ratio (2012)161.0

9 Belarus» Credit Strengths» - A diversified, industrialized economy with a history of strong GDP growth» -Low unemployment rates and relatively high per capita incomes compared to peers» Credit Challenges» -Low foreign exchange reserves relative to debt repayment obligations» -Recurrent balance of payments and inflationary pressures» -Dependence on external financial support for growth» -Very low institutional strength» Banking Sector Risk» Average Baseline Credit Assessment (BCA) b3» Total Domestic Bank Assets/GDP 49.2» Banking System Loan-to-Deposit Ratio 174.8

10 Georgia» Credit Strengths» -Continued and rapid progress in building social, political and economic institutions» -Credible fiscal and monetary policy frameworks» Credit Challenges» - Low income levels and wide income disparities» - Large, structural external vulnerabilities» -Geopolitical and investment deterrence risks due to a tense relationship with Russia» Banking Sector Risk» Average Baseline Credit Assessment (BCA) ba3» Total Domestic Bank Assets/GDP 54.9» Banking System Loan-to-Deposit Ratio 106.2

11 Kazakhstan» Kazakhstan Credit Strengths» -High GDP growth» -Very Low public debt and debt servicing costs» -Significant buffer against external shocks due to the National oil Fund» -Abundant oil and gas resources» Credit Challenges» -Weak institutions, issues regarding rule of law and corruption» -High susceptibility to oil price developments» -Uncertainty over presidential succession» Banking Sector Risk» Average Baseline Credit Assessment (BCA) (2013) b3» Total Domestic Bank Assets/GDP (2012) 45.4» Banking System Loan-to-Deposit Ratio (2012) 136.6

12 Moldova» Credit Strengths» -Low level of public debt and debt-servicing costs» -IMF technical support to improve institutional and fiscal frameworks» Credit Challenges» -An unpredictable political environment» -Narrow economic and foreign-exchange earnings base» -Low per capita income and high (albeit diminishing) level of poverty» Banking Sector Risk» Average Baseline Credit Assessment (BCA) N.A.» Total Domestic Bank Assets/GDP 58.1» Banking System Loan-to-Deposit Ratio 91.4

13 Russia» Credit Strengths» -Strong government balance sheet, with low debt and sizable assets» -Relatively Low external vulnerability thanks to foreign-exchange reserve cushion» Credit Challenges -Economic, fiscal and external account volatility related to commodity price swings» -Impaired institutions which impede economic diversification» -A capital-intensive economy with large investment requirements» Banking Sector Risk» Average Baseline Credit Assessment (BCA) ba3» Total Domestic Bank Assets/GDP (2012) 77.3» Banking System Loan-to-Deposit Ratio (2012) 119.2

14 Ukraine» Credit Strengths» -Size of The economy» -Moderate level of government debt» Credit Challenges» -Very high external liquidity risks» -High political risks» -Fiscal pressures and contingent liabilities» -Very Low institutional quality» Banking Sector Risk» Average Baseline Credit Assessment (BCA) (2012) caa1» Total Domestic Bank Assets/GDP (2012) 79.4» Banking System Loan-to-Deposit Ratio (2012) 138.0

15 Dealing with commodity depedency» Different measures of commodity dependency are strongly correlated. For example, commodity exports as a share of total exports and the share of total fiscal revenue derived from commodity-related revenues are very similar» The share of commodity exports in total exports indicates the degree of export diversification, and by extension, vulnerability to an external demand shock» By those measures, ENCA commodity exporters are roughly average commodity-dependent Sovereigns: 1. Average ENCA export dependency: 28% (all fuel: 27%) 2. Average ENCA rent dependency: 36% (all fuel: 34%) 3. Average ENCA revenue dependency: 35% (all fuel: 52%)

16 Commodity Revenues vs. Net Exports Fuel exporters Source: World Bank and United Nations Comtrade Database Grants and Other Ravenue (%) Egypt Colombia Canada Bahrain Russia Kuwait Venezuela Kazakhstan Nigeria Rep. of Congo Norway Azerbaijan Algeria Oman Qatar Net Fuel Export as a share of GDP (%) Rents as a share of GDP vs. Net Exports Fuel exporters Source: World Bank and United Nations Comtrade Database Fuel Rent as a share of GDP (%) Egypt Bahrain Russia Colombia Canada Kuwait Iraq Rep. of Congo Gabon Kazakhstan Nigeria Venezuela Norway UAE Saudi Arabia Azerbaijan Algeria Oman Qatar Net Fuel Export as a share of GDP (%) Source: IMF and World Bank

17 Mounting fiscal pressure» According to the IMF, fiscal break-even oil prices i.e., the oil prices that would balance the budget of a country- are set to rise between 2012 and their expected 2014 values for many oil exporting countries» In some ENCA countries, the fiscal break-even price of oil is already higher than the current price (notably in Russia) or close to it (in Azerbaijan).» With prices expected to decline further, the gap between market prices and the fiscal break-even prices would narrow further for oil exporters, what could imply potential fiscal pressures for those Sovereigns

18 140 Fiscal break even prices: up, up and away e Saudi Arabia Azerbaijan Kazakhstan Russia Oil Price Source: IMF, Gurvich 2013

19 Shocking oil prices...» One can use a model-based framework to assess the sensitivity of commoditydependent countries to oil price shocks.» This has the advantage of taking into consideration second round effects, which can be significant: for example, lower oil prices are positive for the global economy and for global oil demand, which cushions the negative effects from the fall in oil prices for some oil exporting countries (say, lower cost producers with spare capacity, like Saudi Arabia)» To illustrate that, we simulate a fall of the Brent spot price to USD 90 by the end of 2018 (around 13% or USD 13.5p/b lower over the forecast period than our current benchmark)» Such a fall in oil prices is modeled as resulting from a combination of a positive supply shock namely, an increase in the US oil production as forecast by the US s Energy Information Administration or EIA- and a negative demand shock more precisely, a fall in emerging markets growth, here proxied by a Chinese growth rate of 5% p.a.)

20 Oil prices: a (somewhat) gentle decline... Moody's Baseline for World Oil Price [Imputed] China 5% Growth with U.S. Supply Shock Source: Moody s

21 How vulnerable commodity-dependent ENCA countries could be? Russia as a benchmark» Vulnerable, but not as much as one could expect, at least GDP-wise. Fiscal and external performance are the hardest hit 1. Real GDP: Russia experience real GDP below the benchmark at the end of the forecast by about 0.3% (growth, therefore, would fall from 3.5% to 3.2%: this compares with 1.5% in 2013) 2. Current account: Russia 2018 estimated current account balance worsens from a 0.2% surplus to a 2% points of GDP deficit (compared with almost a 2.9% surplus in 2013), even if the floating exchange rate reduces the deterioration 3. Government balance: The deterioration of government balance in Russia, where around a third its government revenues comes from the energy sector, implies that its estimated budget deficit worsens from 1.5% of GDP to 2.4% of GDP (as a reference, the country had a 0.7% deficit in 2013). However, the floating exchange rate and Russia s fiscal rules cushion part of the worsening

22 Cushioning the shocks: fiscal frameworks (I)» Buffers and policy tools can be used to cushion the effects of shocks in the more vulnerable fiscal arena» Of course, the starting position is also important: namely, CIS countries would face any shock with limited amounts of public debt and either fiscal surpluses or low fiscal deficits» But again, fiscal frameworks can be effective cushioning tools. These include fiscal rules that reduce discretion in fiscal decisions by governments and institutions like Sovereign Wealth Funds (SWFs)» The ENCA region s Sovereign Wealth Funds (in Azerbaijan, Kazakhstan and Russia) have accumulated resources estimated at around USD 390 billion, or around 17% of their combined GDP, while the region s average public debt stand at around 28% of GDP (and below 14% for the three countries above), and the average budget has a relatively low deficit, at -1.4% of GDP for the region as whole (and at 0.3% for Azerbaijan, Kazakhstan and Russia)

23 SWFs in ENCA Country Name Assets in USD bil. Year of Creation Russia National Welfare Fund Russia Reserve Fund Russia Russian Direct Investment Fund Kazakhstan Samruk-Kazyna JSC Kazakhstan Kazakhstan National Fund Kazakhstan National Investment Corporation Azerbaijan State Oil Fund Turkmenistan Turkmenistan Stabilization Fund n/a 2008 TOTAL Source: Sovereign Wealth Fund Institute

24 Cushioning the shocks: fiscal frameworks (II)» To refine our earlier analysis, we also use a regression framework to asses if policy tools (namely, exchange rate regimes, hard currency reserves and fiscal frameworks i.e., fiscal rules and SWFs) affect the impact of commodity price shocks in variables like debt stock and fiscal balances» The existence of Fiscal frameworks leads to a decrease in the level of government expenditure in ENCA countries» Fiscal frameworks are comparatively more effective in ENCA countries than in Latin America, but less than in GCC countries» This may simply be due to the relatively much larger size of the SWFs fiscal buffers in GCC countries around 100% of their GDP than in either the ENCA or Latin America» Additionally, a flexible exchange rate also has positive cushioning effects in the ENCA

25 A coda on economic diversification» Economic diversification is frequently touted a solution to the presumed problem of commodity dependency» However, commodity concentration, as far as it reflects relative levels of endowments, should be seen as an optimal economic outcome: Kazakhstan is richly endowed with minerals, oil and gas but has a small population, so it should produce and export oil and gas rich and labor poor goods and services, while India, a commodity poor but labor rich country, should specialize in products which are labor intensive and commodity poor» This is the underlying reason of why diversification efforts towards sectors on which commodity-dependent countries have no comparative advantage frequently do not succeed (but usually do so at great public expense)» This is also the reason why policies designed to manage the effects of commodity dependency, including the use of their rents (the previously mentioned fiscal rules, but also competition and deregulation policies) are usually more effective than diversification ones

26 Thanks for your attention!

27 Lúcio Vinhas de Souza Managing Director-Sovereign Chief Economist tel fax

28 2009 Moody s Investors Service, Inc. and/or its licensors and affiliates (collectively, MOODY S ). All rights reserved. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. Under no circumstances shall MOODY S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY S IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any investment decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding or selling. Moody s Investors Service, Inc. ( MIS ), a wholly-owned credit rating agency subsidiary of Moody s Corporation ( MCO ), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at under the heading Shareholder Relations Corporate Governance Director and Shareholder Affiliation Policy. 28

Moody s Approach to Assessing Credit Risk for Oil & Gas Companies. Gretchen French Vice President and Senior Credit Officer Moody s Investors Service

Moody s Approach to Assessing Credit Risk for Oil & Gas Companies. Gretchen French Vice President and Senior Credit Officer Moody s Investors Service Moody s Approach to Assessing Credit Risk for Oil & Gas Companies Gretchen French Vice President and Senior Credit Officer Moody s Investors Service Agenda 1. Overview of Moody s Ratings 2. Rating Methodologies

More information

Announcement: Moody's Disclosures on Credit Ratings of Barbados, Government of Global Credit Research - 26 Mar 2012

Announcement: Moody's Disclosures on Credit Ratings of Barbados, Government of Global Credit Research - 26 Mar 2012 Announcement: Moody's Disclosures on Credit Ratings of Barbados, Government of Global Credit Research - 26 Mar 2012 New York, March 26, 2012 -- The following release represents Moody's Investors Service's

More information

Rating Action: Moody's downgrades Banco Popular to Ba3 from Ba1, negative outlook assigned Global Credit Research - 04 Jul 2013

Rating Action: Moody's downgrades Banco Popular to Ba3 from Ba1, negative outlook assigned Global Credit Research - 04 Jul 2013 Rating Action: Moody's downgrades Banco Popular to Ba3 from Ba1, negative outlook assigned Global Credit Research - 04 Jul 2013 Madrid, July 04, 2013 -- Moody's Investors Service has today downgraded the

More information

Moody s Revised Rating Methodology: US Local Government General Obligation Debt

Moody s Revised Rating Methodology: US Local Government General Obligation Debt Moody s Revised Rating Methodology: US Local Government General Obligation Debt US Public Finance April 2014 Agenda Summary of Developments Local Government General Obligation Sector Overview GO Scorecard

More information

U.S. Municipal Market The View From the Markets Presentation to the Federal Reserve Banks of Chicago, New York and Philadelphia

U.S. Municipal Market The View From the Markets Presentation to the Federal Reserve Banks of Chicago, New York and Philadelphia U.S. Municipal Market The View From the Markets Presentation to the Federal Reserve Banks of Chicago, New York and Philadelphia GAIL SUSSMAN, MANAGING DIRECTOR, US PUBLIC FINANCE June 24, 2011 Unprecedented

More information

Eximbank of Russia. Semiannual update. CREDIT OPINION 27 October Update. Summary Rating Rationale

Eximbank of Russia. Semiannual update. CREDIT OPINION 27 October Update. Summary Rating Rationale CREDIT OPINION 27 October 216 Eximbank of Russia Semiannual update Update Summary Rating Rationale RATINGS Eximbank of Russia Domicile Russia Long Term Debt Not Assigned Type Not Assigned Not Assigned

More information

Rating Action: Moody's changes rating outlook for Black Sea Trade and Development Bank to stable from negative Global Credit Research - 30 Sep 2016

Rating Action: Moody's changes rating outlook for Black Sea Trade and Development Bank to stable from negative Global Credit Research - 30 Sep 2016 Rating Action: Moody's changes rating outlook for Black Sea Trade and Development Bank to stable from negative Global Credit Research - 30 Sep 2016 Frankfurt am Main, September 30, 2016 -- Moody's Investors

More information

Rating Action: Moody's downgrades Suriname's issuer rating to B2 negative; concluding rating review Global Credit Research - 20 Feb 2018

Rating Action: Moody's downgrades Suriname's issuer rating to B2 negative; concluding rating review Global Credit Research - 20 Feb 2018 Rating Action: Moody's downgrades Suriname's issuer rating to B2 negative; concluding rating review Global Credit Research - 20 Feb 2018 New York, February 20, 2018 -- Moody's Investors Service ("Moody's")

More information

MOODY'S AFFIRMS Aa3 RATING ON THE CITY OF LIVONIA'S (MI) OUTSTANDING GENERAL OBLIGATION DEBT

MOODY'S AFFIRMS Aa3 RATING ON THE CITY OF LIVONIA'S (MI) OUTSTANDING GENERAL OBLIGATION DEBT MOODY'S AFFIRMS Aa3 RATING ON THE CITY OF LIVONIA'S (MI) OUTSTANDING GENERAL OBLIGATION DEBT Aa3 RATING APPLIES TO $56 MILLION IN OUTSTANDING GO DEBT Livonia (City of) MI Municipality Michigan NEW YORK,

More information

Rating Action: Moody's affirms EBRD's Aaa rating, maintains stable outlook 07 Dec 2018

Rating Action: Moody's affirms EBRD's Aaa rating, maintains stable outlook 07 Dec 2018 Rating Action: Moody's affirms EBRD's Aaa rating, maintains stable outlook 07 Dec 2018 London, 07 December 2018 -- Moody's Investors Service ("Moody's") has today affirmed the European Bank for Reconstruction

More information

The ABCP Market. For the IMF Conference on Operationalizing Systemic Risk Monitoring, May 27, 2010

The ABCP Market. For the IMF Conference on Operationalizing Systemic Risk Monitoring, May 27, 2010 The ABCP Market For the IMF Conference on Operationalizing Systemic Risk Monitoring, May 27, 2010 Contents ABCP Market Background August 2007 and September 2008 ABCP Market Today 2 ABCP Market Overview

More information

Good (But Risky) Times

Good (But Risky) Times Good (But Risky) Times Mark Zandi, Chief Economist, Moody s Analytics January, 2018 The Job Market Is Tight U6 underemployed per open job position 12 9 6 3 0 00 02 04 06 08 10 12 14 16 Sources: BLS, Moody

More information

Rating Action: Moody's changes outlook to positive on ten Kazakhstani GRIs following outlook change on sovereign

Rating Action: Moody's changes outlook to positive on ten Kazakhstani GRIs following outlook change on sovereign Rating Action: Moody's changes outlook to positive on ten Kazakhstani GRIs following outlook change on sovereign Global Credit Research - 21 Aug 2013 London, 21 August 2013 -- Moody's Investors Service

More information

Rating Action: Moody's reviews 11 Danish financial institutions' ratings for downgrade Global Credit Research - 22 Jul 2009

Rating Action: Moody's reviews 11 Danish financial institutions' ratings for downgrade Global Credit Research - 22 Jul 2009 Rating Action: Moody's reviews 11 Danish financial institutions' ratings for downgrade Global Credit Research - 22 Jul 2009 London, 22 July 2009 -- Moody's Investors Service today placed on review for

More information

Municipal Utilities OVERVIEW & METHODOLOGY UPDATE. Ted Damutz, VP-Senior Credit Officer

Municipal Utilities OVERVIEW & METHODOLOGY UPDATE. Ted Damutz, VP-Senior Credit Officer Municipal Utilities OVERVIEW & METHODOLOGY UPDATE Ted Damutz, VP-Senior Credit Officer GFOAA Tuscaloosa February 4, 2016 Municipal Utility Sector is Relatively Stable..» Monopolistic service» Highly essential

More information

Understanding IFRS 9 ECL Volatility with the PD Converter Volatility Attribution Tool

Understanding IFRS 9 ECL Volatility with the PD Converter Volatility Attribution Tool Understanding IFRS 9 ECL Volatility with the PD Converter Volatility Attribution Tool James Edwards January 2019 Scope of Today s Webinar» The ImpairmentCalc software provides expected credit loss impairment

More information

asset classes? Natixis European Infrastructure Day - Paris, 17 October 2013 ANDREW DAVISON, SENIOR VICE PRESIDENT

asset classes? Natixis European Infrastructure Day - Paris, 17 October 2013 ANDREW DAVISON, SENIOR VICE PRESIDENT How is Infrastructure different from other asset classes? Natixis European Infrastructure Day - Paris, 17 October 2013 ANDREW DAVISON, SENIOR VICE PRESIDENT Contents 1. What is Infrastructure? 2. Risk

More information

Credit Opinion: Denizbank A.S.

Credit Opinion: Denizbank A.S. Credit Opinion: Denizbank A.S. Global Credit Research - 04 Dec 2014 Istanbul, Turkey Ratings Category Moody's Rating Outlook Stable Bank Deposits Ba1/NP Bank Financial Strength D- Baseline Credit Assessment

More information

New Issue: Moody's assigns Aa2 rating to Tustin Unified School District (USD) School Facilities Improvement District's (SFID) (CA) GO Bonds

New Issue: Moody's assigns Aa2 rating to Tustin Unified School District (USD) School Facilities Improvement District's (SFID) (CA) GO Bonds New Issue: Moody's assigns Aa2 rating to Tustin Unified School District (USD) School Facilities Improvement District's (SFID) 2008-1 (CA) GO Bonds Global Credit Research - 12 Mar 2013 $25.0 million of

More information

Credit Opinion: Federal Home Loan Banks

Credit Opinion: Federal Home Loan Banks Credit Opinion: Federal Home Loan Banks Global Credit Research - 25 Jul 2013 Reston, Virginia, United States Ratings Category Moody's Rating Outlook Stable Senior Unsecured Aaa ST Issuer Rating P-1 Contacts

More information

Credit Trends: Kenyan Banks

Credit Trends: Kenyan Banks Credit Trends: Kenyan Banks Promising growth prospects in the context of tightening regulatory oversight CHRISTOS THEOFILOU, AVP-ANALYST JULY 2016 Operating and Regulatory Environment Financial Profile

More information

The Development of Microinsurance and the Role of Credit Rating Agencies

The Development of Microinsurance and the Role of Credit Rating Agencies ADB FSD CoP The Development of Microinsurance and the Role of Credit Rating Agencies Andrea E. Keenan Vice President Research & Ratings Criteria A.M. Best - Oldwick, NJ Disclaimer AM Best Company (AMB)

More information

Rating Action: Moody's upgrades Swedbank and Swedbank Mortgage to A1; P-1 ratings affirmed Global Credit Research - 04 Jun 2013

Rating Action: Moody's upgrades Swedbank and Swedbank Mortgage to A1; P-1 ratings affirmed Global Credit Research - 04 Jun 2013 Rating Action: Moody's upgrades Swedbank and Swedbank Mortgage to A1; P-1 ratings affirmed Global Credit Research - 04 Jun 2013 London, 04 June 2013 -- Moody's Investors Service has today upgraded Swedbank

More information

Rating Action: Moody's takes rating actions on 12 Ukrainian banks and one leasing company

Rating Action: Moody's takes rating actions on 12 Ukrainian banks and one leasing company Rating Action: Moody's takes rating actions on 12 Ukrainian banks and one leasing company Global Credit Research - 05 Feb 2014 Actions follow downgrade of Ukraine's government bond rating to Caa2 Moscow,

More information

Muskoka, District Municipality of Bracebridge, Ontario, Canada

Muskoka, District Municipality of Bracebridge, Ontario, Canada DECEMBER 15, 2011 CREDIT ANALYSIS Bracebridge, Ontario, Canada Table of Contents: RATINGS 1 SUMMARY RATING RATIONALE 1 RATING OUTLOOK 1 WHAT COULD CHANGE THE RATING - UP 1 WHAT COULD CHANGE THE RATING

More information

Global Credit Research - 24 Feb 2012 ASSIGNS A2 RATING TO $24.6 MILLION G.O. BONDS, 2012 SERIES A & B

Global Credit Research - 24 Feb 2012 ASSIGNS A2 RATING TO $24.6 MILLION G.O. BONDS, 2012 SERIES A & B Rating Action: MOODY'S DOWNGRADES THE CITY OF CRANSTON'S (RI) G.O. RATING TO A2 FROM A1 AND COPS RATING TO A3 FROM A2; SERIES 2011A RIHEBC UNDERLYING RATING DOWNGRADED TO Aa3 FROM Aa2; OUTLOOK REMAINS

More information

Agenda. New Mexico School District Bond Ratings 9/8/17

Agenda. New Mexico School District Bond Ratings 9/8/17 New Mexico School District Bond Ratings Heather Correia, Analyst, Moody s September, 2017 Agenda 1. Introduction to Moody s 2. Methodology & Scorecard 3. New Mexico School Districts 4. Future Credit Landscape

More information

Rating Action: Moody's assigns Baa3 issuer rating to Eutelsat SA Global Credit Research - 28 Jan 2010

Rating Action: Moody's assigns Baa3 issuer rating to Eutelsat SA Global Credit Research - 28 Jan 2010 Rating Action: Moody's assigns Baa3 issuer rating to Eutelsat SA Global Credit Research - 28 Jan 2010 New York, January 28, 2010 -- Moody's Investors Service today assigned a long-term senior unsecured

More information

Credit Opinion: Federal Home Loan Bank of San Francisco

Credit Opinion: Federal Home Loan Bank of San Francisco Credit Opinion: Federal Home Loan Bank of San Francisco Global Credit Research - 23 Jul 2013 San Francisco, California, United States Ratings Category Moody's Rating Outlook Stable Bank Deposits Aaa/P-1

More information

Global Macro Outlook Subdued Growth, Tail Risks Diminishing ANNE VAN PRAAGH, MANAGING DIRECTOR, SOVEREIGN RATINGS

Global Macro Outlook Subdued Growth, Tail Risks Diminishing ANNE VAN PRAAGH, MANAGING DIRECTOR, SOVEREIGN RATINGS Global Macro Outlook 2014-15 Subdued Growth, Tail Risks Diminishing ANNE VAN PRAAGH, MANAGING DIRECTOR, SOVEREIGN RATINGS OCTOBER, 2014 Agenda 1. Economic Strength: o Global Growth Lower, But EMs Approaching

More information

Middle East Outlook Amidst Uncertainty. Anna Zabrodzka, Assistant Director - Economist Dr. Guillaume A. Khayat, Economist

Middle East Outlook Amidst Uncertainty. Anna Zabrodzka, Assistant Director - Economist Dr. Guillaume A. Khayat, Economist Middle East Outlook Amidst Uncertainty Anna Zabrodzka, Assistant Director - Economist Dr. Guillaume A. Khayat, Economist Presenters Anna Zabrodzka Anna is responsible for macroeconomic, market and credit

More information

Regional Economic Outlook

Regional Economic Outlook Regional Economic Outlook Dan White, Director September, 2017 U.S. Macroeconomic Outlook, August, 2017 1 Remarkably Steady Growth 5 4 3 2 1 0-1 -2-3 -4 Real GDP growth, %, 4-qtr MA (L) Avg monthly change

More information

New Issue: Moody's assigns Aaa rating to the Village of Glenview's (IL) $18.6 million General Obligation Refunding Bonds, Series 2012A

New Issue: Moody's assigns Aaa rating to the Village of Glenview's (IL) $18.6 million General Obligation Refunding Bonds, Series 2012A New Issue: Moody's assigns Aaa rating to the Village of Glenview's (IL) $18.6 million General Obligation Refunding Bonds, Series 2012A Global Credit Research - 21 May 2012 Aaa rating applies to $128.2

More information

Rating Action: Moody's upgrades Santander Consumer Finance's deposit ratings to Baa1; maintains stable outlook

Rating Action: Moody's upgrades Santander Consumer Finance's deposit ratings to Baa1; maintains stable outlook Rating Action: Moody's upgrades Santander Consumer Finance's deposit ratings to Baa1; maintains stable outlook Global Credit Research - 12 Mar 2014 Action follows upgrade of parent -- Banco Santander SA

More information

Rating Action: Moody's confirms ratings of six financial institutions in Kazakhstan; concludes review

Rating Action: Moody's confirms ratings of six financial institutions in Kazakhstan; concludes review Rating Action: Moody's confirms ratings of six financial institutions in Kazakhstan; concludes review Global Credit Research - 27 Apr 2016 Actions follow the downgrade of Kazakhstan's sovereign ratings

More information

Credit Opinion: OJSC Bank of Baku

Credit Opinion: OJSC Bank of Baku Credit Opinion: OJSC Bank of Baku Global Credit Research - 17 Dec 2014 Baku, Azerbaijan Ratings Category Moody's Rating Outlook Stable Bank Deposits B1/NP Bank Financial Strength E+ Baseline Credit Assessment

More information

Middle East Outlook A Rosy Future for Oil Exporters

Middle East Outlook A Rosy Future for Oil Exporters Middle East Outlook A Rosy Future for Oil Exporters Dr. Martin Janicko, Assistant Director - Economist Dr. Guillaume A. Khayat, Economist Gega Todua, Economist Presenters Dr. Martin Janicko Dr. Janicko

More information

U.S. Economic Outlook STEVE COCHRANE, MANAGING DIRECTOR

U.S. Economic Outlook STEVE COCHRANE, MANAGING DIRECTOR U.S. Economic Outlook STEVE COCHRANE, MANAGING DIRECTOR Recessions Are Few and Far Between Business cycle status, January 2017 Source: Moody s Analytics Recession At Risk Recovery Expansion Wage Growth

More information

GIOA Conference Moody s Approach to Rating Government Investment Pools: CNAV and Bond Funds. Marty Duffy VP-Managed Investments Group

GIOA Conference Moody s Approach to Rating Government Investment Pools: CNAV and Bond Funds. Marty Duffy VP-Managed Investments Group GIOA Conference 2012 Moody s Approach to Rating Government Investment Pools: CNAV and Bond Funds Marty Duffy VP-Managed Investments Group Local Government Investment Pool Ratings March 21, 2012 Moody s

More information

Corporate Finance. Refinement to ABL Ratings. Special Comment. Moody s Global. Summary. January Table of Contents: Analyst Contacts:

Corporate Finance. Refinement to ABL Ratings. Special Comment. Moody s Global. Summary. January Table of Contents: Analyst Contacts: www.moodys.com Special Comment Moody s Global Corporate Finance January 2008 Table of Contents: Summary 1 Eligibility Requirements for ABL One-Notch Upgrade 2 Defining a True ABL 2 Exceptions to the One-Notch

More information

Rating Action: Moody's affirms AIIB's Aaa rating; outlook stable 28 Mar 2019

Rating Action: Moody's affirms AIIB's Aaa rating; outlook stable 28 Mar 2019 Rating Action: Moody's affirms AIIB's Aaa rating; outlook stable 28 Mar 2019 Singapore, March 28, 2019 -- Moody's Investors Service ("Moody's") has today affirmed the Asian Infrastructure Investment Bank's

More information

Higher Education Ratings & Construction Risk

Higher Education Ratings & Construction Risk Higher Education Ratings & Construction Risk Georgia Facilities Officers Conference October 25, 2012 dennis.gephardt@moodys.com Agenda Moody s in Capital Markets Moody s Outlook for Higher Education Productive

More information

Kaztemirtrans, JSC. Update following sovereign action, outlook changed to stable. CREDIT OPINION 3 August Update

Kaztemirtrans, JSC. Update following sovereign action, outlook changed to stable. CREDIT OPINION 3 August Update CREDIT OPINION Kaztemirtrans, JSC Update following sovereign action, outlook changed to stable Update Summary To determine the rating of KTT, we apply our rating methodology for government-related issuers

More information

Credit Opinion: National Bank of Fujairah

Credit Opinion: National Bank of Fujairah Credit Opinion: National Bank of Fujairah Global Credit Research - 23 Mar 2015 Fujairah, United Arab Emirates Ratings Category Moody's Rating Outlook Stable Bank Deposits Baa1/P-2 Baseline Credit Assessment

More information

Global Credit Research New Issue 12 FEB New Issue: University of South Carolina, SC

Global Credit Research New Issue 12 FEB New Issue: University of South Carolina, SC Global Credit Research New Issue 12 FEB 2009 New Issue: University of South Carolina, SC MOODY'S ASSIGNS Aa3 RATING TO THE UNIVERSITY OF SOUTH CAROLINA' S $28.0 MILLION HIGHER EDUCATION REVENUE BONDS,

More information

Stress Testing Challenges:

Stress Testing Challenges: Stress Testing Challenges: Forecasting Consistent Credit & Market Risk Losses JOSE CANALS-CERDA, Federal Reserve Bank of Philadelphia JUAN M. LICARI, Senior Director, Moody s Analytics OCTOBER 2015 Agenda

More information

Municipal Guarantee Board Finland

Municipal Guarantee Board Finland FEBRUARY 6, 2013 SUB-SOVEREIGN CREDIT ANALYSIS Municipal Guarantee Board Finland Table of Contents: SUMMARY RATING RATIONALE 1 RATING OUTLOOK 1 WHAT COULD CHANGE THE RATING -- DOWN 1 COMPANY OVERVIEW 2

More information

Credit Opinion: Deutsche Bank Mexico, S.A.

Credit Opinion: Deutsche Bank Mexico, S.A. Credit Opinion: Deutsche Bank Mexico, S.A. Global Credit Research - 11 Jul 2013 Mexico, Mexico Ratings Category Moody's Rating Outlook Stable Bank Deposits Baa2/P-2 NSR Bank Deposits -Dom Curr Aa1.mx/MX-1

More information

OECD Workshop on Data Collection

OECD Workshop on Data Collection OECD Workshop on Data Collection Moody's Infrastructure-relevant Data Sets ANDREW DAVISON, SENIOR VICE PRESIDENT 10 MAY, 2017 Marginal Default Rate Moody s PF Bank Loan Default and Recovery Study» Moody's

More information

Credit Opinion: Elisa Corporation

Credit Opinion: Elisa Corporation Credit Opinion: Elisa Corporation Global Credit Research - 19 Feb 2013 Helsinki, Finland Ratings Category Outlook Issuer Rating Senior Unsecured -Dom Curr Moody's Rating Stable Baa2 Baa2 Contacts Analyst

More information

Financial Guarantors. Special Comment

Financial Guarantors. Special Comment www.moodys.com Special Comment Moody s Global December 2007 Table of Contents: Introduction 1 Analysis of Mortgage Risk and Impact on Current Ratings 2 Stress-Test Outcomes 2 Rating Actions 3 Business

More information

Rating Action: Moody's affirms Mauritius's Baa1 rating, maintains stable outlook Global Credit Research - 27 Mar 2018

Rating Action: Moody's affirms Mauritius's Baa1 rating, maintains stable outlook Global Credit Research - 27 Mar 2018 Rating Action: Moody's affirms Mauritius's Baa1 rating, maintains stable outlook Global Credit Research - 27 Mar 2018 New York, March 27, 2018 -- Moody's Investors Service, ("Moody's") has today affirmed

More information

Rating Action: Moody's changes Nicaragua's rating outlook to stable from positive; B2 rating affirmed 13 Jun 2018

Rating Action: Moody's changes Nicaragua's rating outlook to stable from positive; B2 rating affirmed 13 Jun 2018 Rating Action: Moody's changes Nicaragua's rating outlook to stable from positive; B2 rating affirmed 13 Jun 2018 New York, June 13, 2018 -- Moody's Investors Service ("Moody's") has today changed Nicaragua's

More information

Figure 1: Groupon s One-Year EDF Measure

Figure 1: Groupon s One-Year EDF Measure 17 AUGUST 2012 CAPITAL MARKETS RESEARCH EDF CASE STUDY Groupon Inc. Moody s Capital Markets Research, Inc. Authors Sai Mao +1 (212) 553-1035 sai.mao@moodys.com Irina Makarova +1 (212) 553-4307 irina.makarova@moodys.com

More information

The Role of Governance and Management in Assessing Municipal Credit Quality

The Role of Governance and Management in Assessing Municipal Credit Quality The Role of Governance and Management in Assessing Municipal Credit Quality Daniel Mazibuko, Associate Lead Analyst, Sub-sovereign Group October, 2018 Agenda 1. Moody s Sub-Sovereign Group 2. Moody s

More information

Credit Opinion: EBS Ltd

Credit Opinion: EBS Ltd Credit Opinion: EBS Ltd Global Credit Research - 26 Mar 2015 Dublin, Ireland Ratings Category Outlook Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Senior Unsecured -Dom

More information

Rating Action: Moody's changes outlooks on ratings of 14 Russian financial institutions to stable from negative

Rating Action: Moody's changes outlooks on ratings of 14 Russian financial institutions to stable from negative Rating Action: Moody's changes outlooks on ratings of 14 Russian financial institutions to stable from negative Global Credit Research - 21 Feb 2017 Action follows the change of the outlook on Russia's

More information

Rating Action: Moody's downgrades Telekom Austria to Baa1; stable outlook Global Credit Research - 19 Jan 2012

Rating Action: Moody's downgrades Telekom Austria to Baa1; stable outlook Global Credit Research - 19 Jan 2012 Rating Action: Moody's downgrades Telekom Austria to Baa1; stable outlook Global Credit Research - 19 Jan 2012 Madrid, January 19, 2012 -- Moody's Investors Service has today downgraded to Baa1 from A3

More information

Manitoba, Province of Canada

Manitoba, Province of Canada AUGUST 10, 2010 SUB-SOVEREIGN CREDIT ANALYSIS Manitoba, Province of Canada Table of Contents: SUMMARY RATING RATIONALE 1 NATIONAL AND INTERNATIONAL PEER COMPARISONS 1 RATING OUTLOOK 1 KEY RATING CONSIDERATIONS

More information

Moody s Methodologies & Florida Update

Moody s Methodologies & Florida Update Moody s Methodologies & Florida Update 1 Agenda Lease Methodology Special Tax Methodology Florida Economic Outlook 2 Moody s New Lease Methodology Published July 26, 2016 469 Ratings Put on Review No Florida

More information

Nurol Investment Bank (BCA: b3)

Nurol Investment Bank (BCA: b3) CREDIT OPINION Nurol Investment Bank Update following rating assignment New Issue Summary Nurol Investment Bank's (Nurolbank s) B3 global long-term issuer ratings reflect the bank's baseline credit assessment

More information

From Virtuous to Vicious Cycle

From Virtuous to Vicious Cycle From Virtuous to Vicious Cycle Mark Zandi, Chief Economist, Moody s Analytics January 2019 U.S. Economy is in a Virtuous Cycle Mil 16 14 12 Unemployed Job openings 10 8 6 4 2 00 02 04 06 08 10 12 14 16

More information

Mongolian Banking System

Mongolian Banking System Mongolian Banking System Graeme Knowd, Managing Director - Financial Institutions Group Sept 2017 Agenda 1. Executive summary 2. Operating environment 3. Key credit metrics 4. Key takeaways MONGOLIAN BANKING

More information

U.S. Macroeconomic Outlook DAN WHITE, ECONOMIST

U.S. Macroeconomic Outlook DAN WHITE, ECONOMIST U.S. Macroeconomic Outlook DAN WHITE, ECONOMIST FTA Annual Conference June 10, 2013 Businesses Have Never Been as Profitable After-tax corporate profit margin, % 18 16 14 12 10 8 6 45 50 55 60 65 70 75

More information

Credit Opinion: National Bank of Fujairah

Credit Opinion: National Bank of Fujairah Credit Opinion: National Bank of Fujairah Global Credit Research - 31 Mar 2014 Fujairah, United Arab Emirates Ratings Category Moody's Rating Outlook Stable Bank Deposits Baa1/P-2 Bank Financial Strength

More information

Global Credit Research Credit Opinion 1 DEC Credit Opinion: Pohjola Insurance Ltd. Pohjola Insurance Ltd. Helsinki, Finland.

Global Credit Research Credit Opinion 1 DEC Credit Opinion: Pohjola Insurance Ltd. Pohjola Insurance Ltd. Helsinki, Finland. Global Credit Research Credit Opinion 1 DEC 2008 Credit Opinion: Helsinki, Finland Ratings Category Rating Outlook Insurance Financial Strength Moody's Rating STA A1 Contacts Analyst Phone David Masters/London

More information

Bank Failure Case Study: Bank of Cyprus PLC

Bank Failure Case Study: Bank of Cyprus PLC NOVEMBER 2013 QUANTITATIVE RESEARCH GROUP CASE STUDY Bank Failure Case Study: Bank of Cyprus PLC Authors Yanruo Wang Associate Director 1.415.874.6232 Yanruo.wang@moodys.com Clara Bernard Research Data

More information

New Issue: Moody's assigns Aa3 ratings to State of Connecticut G.O. Bonds; outlook is stable

New Issue: Moody's assigns Aa3 ratings to State of Connecticut G.O. Bonds; outlook is stable New Issue: Moody's assigns Aa3 ratings to State of Connecticut G.O. Bonds; outlook is stable Global Credit Research - 04 Mar 2014 CONNECTICUT (STATE OF) State Governments (including Puerto Rico and US

More information

Rating Action: Moody's: NAMA triggers mostly positive actions on Irish Banks' BFSR's

Rating Action: Moody's: NAMA triggers mostly positive actions on Irish Banks' BFSR's Rating Action: Moody's: NAMA triggers mostly positive actions on Irish Banks' BFSR's Global Credit Research - 31 Mar 2010 Actions follow Government, NAMA and Financial Regulator announcements London, 31

More information

Rating Action: Moody's upgrades Peruvian banks

Rating Action: Moody's upgrades Peruvian banks Rating Action: Moody's upgrades Peruvian banks Global Credit Research - 03 Jul 2014 New York, July 03, 2014 -- Moody's Investors Service has today upgraded to Baa1, from Baa2, the long-term local and foreign

More information

The Early Warning Toolkit in practice: Babcock & Wilcox Enterprises, Inc.

The Early Warning Toolkit in practice: Babcock & Wilcox Enterprises, Inc. The Early Warning Toolkit in practice: Babcock & Wilcox Enterprises, Inc. Moody s Analytics, CreditEdge Team April 2018 Babcock & Wilcox demonstrates High Risk for all 5 Early Warning factors Level Level

More information

Credit Opinion: CorpBanca

Credit Opinion: CorpBanca Credit Opinion: CorpBanca Global Credit Research - 15 Jun 2015 Santiago, Chile Ratings Category Outlook Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Senior Unsecured Moody's

More information

New Issue: Moody's assigns Aa2 to Oak Creek, WI's $10M General Obligation Promissory Notes

New Issue: Moody's assigns Aa2 to Oak Creek, WI's $10M General Obligation Promissory Notes New Issue: Moody's assigns Aa2 to Oak Creek, WI's $10M General Obligation Promissory Notes Global Credit Research - 11 Dec 2013 The city has $68M of GOULT debt post-sale OAK CREEK (CITY OF) WI Cities (including

More information

Multilateral Development Banks and Asian Investment: Room for More?

Multilateral Development Banks and Asian Investment: Room for More? Multilateral Development Banks and Asian Investment: Room for More? Panel Discussion: Infrastructure Needs and the New Silk Road ANNE VAN PRAAGH, MANAGING DIRECTOR, SOVEREIGN RISK GROUP ANDREW DAVISON,

More information

Rating Action: Moody's Changes Sparebanken Vest's Rating Outlook to Stable From Negative

Rating Action: Moody's Changes Sparebanken Vest's Rating Outlook to Stable From Negative Rating Action: Moody's Changes Sparebanken Vest's Rating Outlook to Stable From Negative Global Credit Research - 15 Sep 2016 All the bank's ratings were affirmed, including its A1/P-1 deposit ratings

More information

Credit Opinion: EBS Ltd

Credit Opinion: EBS Ltd Credit Opinion: EBS Ltd Global Credit Research - 11 Dec 2014 Dublin, Ireland Ratings Category Moody's Rating Outlook Negative(m) Bank Deposits Ba2/NP Bank Financial Strength E+ Baseline Credit Assessment

More information

Credit Opinion: Corporación Andina de Fomento

Credit Opinion: Corporación Andina de Fomento Credit Opinion: Corporación Andina de Fomento Global Credit Research - 11 Jul 2014 Ratings Category Moody's Rating Outlook Stable Issuer Rating Aa3 Senior Secured Aa3 Senior Unsecured Aa3 Commercial Paper

More information

Rating Action: Moody's changes outlook of Central Bank of India and Indian Overseas Bank to positive from stable

Rating Action: Moody's changes outlook of Central Bank of India and Indian Overseas Bank to positive from stable Rating Action: Moody's changes outlook of Central Bank of India and Indian Overseas Bank to positive from stable Global Credit Research - 09 Feb 2018 Singapore, February 09, 2018 -- Moody's Investors Service

More information

Credit Opinion: EEPK. Global Credit Research - 08 Jan Ratings. Contacts. Key Indicators. Luxembourg. Bank Financial Strength

Credit Opinion: EEPK. Global Credit Research - 08 Jan Ratings. Contacts. Key Indicators. Luxembourg. Bank Financial Strength Credit Opinion: EEPK Global Credit Research - 08 Jan 2015 Luxembourg Ratings Category Moody's Rating Outlook Stable Bank Financial Strength E Baseline Credit Assessment caa2 Adjusted Baseline Credit Assessment

More information

Credit Opinion: Corporate Commercial Bank AD

Credit Opinion: Corporate Commercial Bank AD Credit Opinion: Corporate Commercial Bank AD Global Credit Research - 30 May 2014 Sofia, Bulgaria Ratings Category Moody's Rating Outlook Negative(m) Bank Deposits B1/NP Bank Financial Strength E+ Baseline

More information

Rating Action: Moody's upgrades the ratings of Philippine National Bank and Rizal Commercial Bank Global Credit Research - 23 Nov 2017

Rating Action: Moody's upgrades the ratings of Philippine National Bank and Rizal Commercial Bank Global Credit Research - 23 Nov 2017 Rating Action: Moody's upgrades the ratings of Philippine National Bank and Rizal Commercial Bank Global Credit Research - 23 Nov 2017 Singapore, November 23, 2017 -- Moody's Investors Service has upgraded

More information

Credit Opinion: Al Hilal Bank PJSC

Credit Opinion: Al Hilal Bank PJSC Credit Opinion: Al Hilal Bank PJSC Global Credit Research - 22 Sep 2015 United Arab Emirates Ratings Category Moody's Rating Outlook Stable Baseline Credit Assessment ba2 Adjusted Baseline Credit Assessment

More information

Rating Action: Moody's upgrades ratings of 15 European covered bonds following methodology update

Rating Action: Moody's upgrades ratings of 15 European covered bonds following methodology update Rating Action: Moody's upgrades ratings of 15 European covered bonds following methodology update Global Credit Research - 12 Mar 2014 Places nine ratings on review for upgrade and confirms three ratings

More information

Zagreb, City of. Credit Strengths. » Good operating margins. » A crucial role in the national economy. Credit Challenges

Zagreb, City of. Credit Strengths. » Good operating margins. » A crucial role in the national economy. Credit Challenges CREDIT OPINION 27 July 2016 RATINGS Zagreb, City of Domicile Long Term Rating Type Outlook Croatia Ba2 LT Issuer Rating Negative Please see the ratings section at the end of this report for more information.

More information

Sanger (City of) TX. Credit Strengths. Trend of growing reserve levels. Continued tax base growth. Favorable location 40 miles north of Dallas

Sanger (City of) TX. Credit Strengths. Trend of growing reserve levels. Continued tax base growth. Favorable location 40 miles north of Dallas CREDIT OPINION Sanger (City of) TX New Issue: Moody's Assigns A1 to City of Sanger's, TX Certificates of Obligation, Series 2017 New Issue Summary Rating Rationale Moody's Investors Service has assigned

More information

Rating Action: Moody's affirms BIL's A2 senior unsecured rating and changes outlook to stable 07 May 2018

Rating Action: Moody's affirms BIL's A2 senior unsecured rating and changes outlook to stable 07 May 2018 Rating Action: Moody's affirms BIL's A2 senior unsecured rating and changes outlook to stable 07 May 2018 London, 07 May 2018 -- Moody's Investors Service, ("Moody's") today affirmed the long-term issuer,

More information

Announcement: Moody's confirms Aaa ratings assigned to Erste Group Bank mortgage and public-sector covered bonds

Announcement: Moody's confirms Aaa ratings assigned to Erste Group Bank mortgage and public-sector covered bonds Announcement: Moody's confirms Aaa ratings assigned to Erste Group Bank mortgage and public-sector covered bonds Global Credit Research - 24 Jul 2012 Frankfurt am Main, July 24, 2012 -- Moody's Investors

More information

Rating Action: Moody's downgrades PEMEX's ratings to Baa1; lowers BCA to ba3. Negative outlook. Global Credit Research - 24 Nov 2015

Rating Action: Moody's downgrades PEMEX's ratings to Baa1; lowers BCA to ba3. Negative outlook. Global Credit Research - 24 Nov 2015 Rating Action: Moody's downgrades PEMEX's ratings to Baa1; lowers BCA to ba3. Negative outlook. Global Credit Research - 24 Nov 2015 New York, November 24, 2015 -- Moody's Investors Service downgraded

More information

Announcement: Moody's reviews five J-REITs ratings for downgrade

Announcement: Moody's reviews five J-REITs ratings for downgrade Announcement: Moody's reviews five J-REITs ratings for downgrade Global Credit Research - 20 Dec 2011 Tokyo, December 20, 2011 -- Moody's Japan K.K. has placed the ratings of five J-REITs on review for

More information

Rating Action: Moody's upgrades SURA Asset Management to Baa1; outlook stable

Rating Action: Moody's upgrades SURA Asset Management to Baa1; outlook stable Rating Action: Moody's upgrades SURA Asset Management to Baa1; outlook stable Global Credit Research - 06 Aug 2014 Also upgrades guaranteed senior notes of SUAM Finance B.V. to Baa1 New York, August 06,

More information

State Outlook: Debt Affordability. NCSL Conference Gail Sussman, Managing Director

State Outlook: Debt Affordability. NCSL Conference Gail Sussman, Managing Director State Outlook: Debt Affordability NCSL Conference Gail Sussman, Managing Director NOVEMBER 18, 2016 State debt is stable and manageable Debt is flat and debt ratios are declining for US states 600 500

More information

Findlay City School District, OH

Findlay City School District, OH ISSUER COMMENT Annual Comment on Findlay City SD RATING General Obligation (or GO Related) 1 Aa2 Findlay City School District, OH No Outlook Contacts Amy Marks +1.312.706.9964 Associate Lead Analyst amy.marks@moodys.com

More information

Rating Action: Moody's assigns Aa3/Prime-1 issuer ratings to the Departement de L'Eure; stable outlook Global Credit Research - 07 Apr 2016

Rating Action: Moody's assigns Aa3/Prime-1 issuer ratings to the Departement de L'Eure; stable outlook Global Credit Research - 07 Apr 2016 Rating Action: Moody's assigns Aa3/Prime-1 issuer ratings to the Departement de L'Eure; stable outlook Global Credit Research - 07 Apr 2016 London, 07 April 2016 -- Moody's Public Sector Europe (MPSE)

More information

Rating Action: Moody's affirms long-term ratings of Credit Agricole S.A. and CACIB at A2

Rating Action: Moody's affirms long-term ratings of Credit Agricole S.A. and CACIB at A2 Rating Action: Moody's affirms long-term ratings of Credit Agricole S.A. and CACIB at A2 Global Credit Research - 21 Nov 2014 Positive outlook on subordinated debt instruments indicates potential for further

More information

February Request for Comment:

February Request for Comment: www.moodys.com Special Comment Moody s Global Credit Policy February 2008 Table of Contents: Summary of Proposed Rating Scale Options 2 Background 2 Details on the Options for Consideration 3 Moody s Related

More information

Rating Action: Moody's upgrade Equinor's rating to Aa2 and BCA to a1; stable outlook 09 Aug 2018

Rating Action: Moody's upgrade Equinor's rating to Aa2 and BCA to a1; stable outlook 09 Aug 2018 Rating Action: Moody's upgrade Equinor's rating to Aa2 and BCA to a1; stable outlook 09 Aug 2018 London, 09 August 2018 -- Moody's Investors Service ("Moody's") has today upgraded the senior unsecured

More information

A1 underlying rating affects $10.97 million in outstanding parity debt, inclusive of the current sale UNDERLYING RATING

A1 underlying rating affects $10.97 million in outstanding parity debt, inclusive of the current sale UNDERLYING RATING New Issue: Moody's assigns A1 underlying and Aaa enhanced rating to Bonham Independent School District's (TX) $7 million Unlimited Tax School Building Bonds, Series 2012 Global Credit Research - 10 Jul

More information

Looking Through the Noise ADAM KAMINS, SENIOR ECONOMIST

Looking Through the Noise ADAM KAMINS, SENIOR ECONOMIST Looking Through the Noise ADAM KAMINS, SENIOR ECONOMIST Full Employment Is in View U-6 underemployed per open job position 12 9 6 3 0 02 04 06 08 10 12 14 16 Sources: BLS, Moody s Analytics 2 More Jobs,

More information

Emerging & Frontier Market Outlook

Emerging & Frontier Market Outlook Emerging & Frontier Market Outlook Recovery, Rebalancing and Risk in an Uneven Global Environment DAVID STAPLES, MANAGING DIRECTOR, EMEA CORPORATE FINANCE MATT ROBINSON, ASSOCIATE MANAGING DIRECTOR, AFRICA

More information

Credit Opinion: ING Groep N.V.

Credit Opinion: ING Groep N.V. Credit Opinion: ING Groep N.V. Global Credit Research - 09 Aug 2013 Amsterdam, Netherlands Ratings Category Moody's Rating Negative Senior Unsecured -Dom Curr A3 Subordinate MTN -Dom Curr (P)Baa3 Jr Subordinate

More information