International Public Finance
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Sovereign and International Public Finance Ratings globally rates and provides credit assessments of various debt securities issued by state and local governments, public authorities, and agencies, and government-owned entities. Standard & Poor’s rates 123 sovereigns. In the sub-sovereign market Standard & Poor’s began rating local and regional governments (LRGs) outside the United States in the late 1980s and has since then expanded its coverage in public finance sectors such as housing, healthcare, higher education, non-for-profit entities, government related entities (GRE) as well as provide Financial Management Assessment (FMA).
Local and Regional Governments ratings (LRGs): Since the 1980s our presence in the sub-sovereign market has expanded exponentially, from only a handful of ratings to more then 315 regional and local governments today in 29 countries. In Europe alone, Standard & Poor’s rates 230 public sector entities. Capital-market issuance has been one of the key drivers of this growth, although not the only one. Regions and municipalities use credit ratings for a variety of purposes, such as to facilitate their public companies access to the capital markets and financial institutions, improve their own ability to enter into project finance and structured transactions, obtain favourable financing terms from financial and commercial counterparties, attract private investment, draw events to their territory and enhance their external and internal marketing and communications.
Housing, Healthcare, Higher Education: The growth in LRG ratings has enabled Standard & Poor’s to consolidate its position as the market leader, and to expand its coverage in public finance sectors by providing credit ratings and credit assessments to housing associations, healthcare, higher education, and non-for-profit entities.
Financial Management Assessment (FMA) is an in-depth interactive assessment of financial management practices, tools, and policies of a public sector entity. Public sector entities include local and regional governments (LRGs) and government-related entities/companies (GREs).
Government-related entities/companies (GREs): GREs are enterprises potentially affected by extraordinary government intervention during periods of stress. GREs are often partially or totally controlled by a government and they contribute to implementing policies or delivering key services to the population. Some entities with little or no government ownership might also benefit from extraordinary government support due to their systemic importance or their critical role as providers of crucial goods and services. Standard & Poor's rates approximately 500 GREs world-wide.