Bangkok--1 Jul--Standard & Poor's
Standard & Poor's Ratings Services said today that it has published a list of financial Institutions (FIs) that are subject to the enhanced methodology and assumptions for rating government-related entities (GREs) that were outlined yesterday in an article published on RatingsDirect titled .
Standard & Poor's believes that government support is an important factor that drives the creditworthiness of all FIs. However, the enhanced GRE criteria only apply to FIs with a public policy role and/or where government ownership is strategic and long term in nature. We intend to review the ratings on these entities using the updated criteria over the next three to six months.
For all other FIs, government support is factored into the ratings by applying criteria published in published Feb. 27, 2007, and published July 3, 2007. Based on criteria in these two articles, there are a number of ratings on FIs that are raised above the entities' stand-alone credit profiles. Going forward, we will no longer classify these systemically important FIs as GREs. Later in 2009, we expect to update the support criteria for FIs, drawing on the recent observations of how governments have acted in many countries.
Please refer to published earlier today for the list of FIs that are subject to the updated criteria.
The report is available to RatingsDirect subscribers at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-9823 or sending an e-mail to [email protected]. Ratings information can also be found on Standard & Poor's public Web site at www.standardandpoors.com; select Ratings in the left navigation bar, then Find a Rating. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4011.
Media Contact:
Mimi Barker, New York (1) 212.438.5054, [email protected]
David Wargin, New York (1) 212.438.1579, [email protected]
Analyst Contacts:
Hans Wright, London (44) 20.7176.7015
Arnaud De Toytot, Paris (33) 1.4420.6692
Ritesh Maheshwari, Singapore (65) 6239.6308
Daniel E Teclaw, New York (1) 212.438.8716
Patricia Calvo, Mexico City (52) 55.5081.4481
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]