Publication:
Subnational Credit Ratings : A Comparative Review

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dc.contributor.authorLiu, Lili
dc.contributor.authorTan, Kim Song
dc.date.accessioned2012-03-19T19:11:48Z
dc.date.available2012-03-19T19:11:48Z
dc.date.issued2009-08-01
dc.description.abstractThis paper surveys methodological issues in subnational credit ratings and highlights key challenges for developing countries. Subnational borrowing from capital markets has been on the rise owing to fiscal decentralization and demand for infrastructure investments. A prerequisite for accessing capital markets, subnational credit ratings have also emerged as a part of broader reform for fiscal sustainability. They facilitate a more transparent budgetary and financial management system. The global financial crisis makes subnational credit ratings more relevant, as they contribute to fiscal risk evaluations and fiscal adjustment. In addition to subnationals own credit strength, the creditworthiness of the sovereign and the intergovernmental fiscal system are among the most critical rating criteria. Implicit and contingent liabilities are integral to the rating process. Indirect debt instruments including off-balance-sheet financing create fiscal risks. The ongoing financial crisis has reinforced the rating focus on the management of liquidity, debt structure, and off-balance-sheet liabilities.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090805152909
dc.identifier.doi10.1596/1813-9450-5013
dc.identifier.urihttps://hdl.handle.net/10986/4206
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5013
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CAPITAL
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectARREARS
dc.subjectBAILOUTS
dc.subjectBALANCE DUE
dc.subjectBALANCE SHEET
dc.subjectBANK FINANCING
dc.subjectBANK LENDING
dc.subjectBANK LOANS
dc.subjectBASIS POINTS
dc.subjectBENEFICIARIES
dc.subjectBID
dc.subjectBOND
dc.subjectBOND INDEX
dc.subjectBOND PRICES
dc.subjectBOND SPREADS
dc.subjectBOND YIELD
dc.subjectBOND YIELDS
dc.subjectBONDS
dc.subjectBORROWER
dc.subjectBORROWING CAPACITY
dc.subjectBORROWING COST
dc.subjectBORROWING COSTS
dc.subjectBUDGET DEFICIT
dc.subjectBUDGET DEFICITS
dc.subjectBUDGET SURPLUSES
dc.subjectBUDGETING
dc.subjectBUSINESS CYCLES
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL INVESTMENTS
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET DEVELOPMENT
dc.subjectCAPITAL MARKET FINANCING
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL OUTFLOWS
dc.subjectCASH BALANCE
dc.subjectCASH FLOW
dc.subjectCASH INFLOWS
dc.subjectCOLLATERALS
dc.subjectCOMMERCIAL BANKS
dc.subjectCONTINGENT LIABILITIES
dc.subjectCORPORATE BONDS
dc.subjectCORPORATE DEBT
dc.subjectCORPORATE DEFAULT
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOUNTRY CREDIT
dc.subjectCOUPONS
dc.subjectCREDIBILITY
dc.subjectCREDIT ASSESSMENT
dc.subjectCREDIT MARKETS
dc.subjectCREDIT QUALITY
dc.subjectCREDIT RATING
dc.subjectCREDIT RATING AGENCIES
dc.subjectCREDIT RATING AGENCY
dc.subjectCREDIT RATINGS
dc.subjectCREDIT RISKS
dc.subjectCREDIT SPREADS
dc.subjectCREDIT STANDING
dc.subjectCREDIT STRENGTH
dc.subjectCREDIT STRENGTHS
dc.subjectCREDITORS
dc.subjectCREDITWORTHINESS
dc.subjectCURRENCY CRISES
dc.subjectCURRENCY DEVALUATION
dc.subjectCURRENCY RISKS
dc.subjectDEBT
dc.subjectDEBT BURDEN
dc.subjectDEBT CRISIS
dc.subjectDEBT FINANCING
dc.subjectDEBT INSTRUMENT
dc.subjectDEBT INSTRUMENTS
dc.subjectDEBT ISSUANCE
dc.subjectDEBT ISSUER
dc.subjectDEBT ISSUERS
dc.subjectDEBT ISSUES
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT MARKET
dc.subjectDEBT OBLIGATIONS
dc.subjectDEBT RATIOS
dc.subjectDEBT REDUCTION
dc.subjectDEBT SERVICE
dc.subjectDEBT SERVICING
dc.subjectDEBT STOCK
dc.subjectDEBT STOCK OUTSTANDING
dc.subjectDEBT-SERVICE
dc.subjectDEBTS
dc.subjectDEFAULT PROBABILITIES
dc.subjectDEFAULT RATES
dc.subjectDEFAULT RISK
dc.subjectDEFAULT RISKS
dc.subjectDEFAULTS
dc.subjectDERIVATIVE INSTRUMENTS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDOLLAR BOND
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC MARKET
dc.subjectECONOMIC DEVELOPMENT
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET BOND
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectENFORCEABILITY
dc.subjectENFORCEABLE CONTRACTS
dc.subjectEXCHANGE CONTROLS
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectFINANCES
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL HEALTH
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL PERFORMANCE
dc.subjectFINANCIAL RISKS
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL CAPACITY
dc.subjectFISCAL DECENTRALIZATION
dc.subjectFISCAL DISCIPLINE
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY DEBT
dc.subjectFOREIGN CURRENCY RISK
dc.subjectFOREIGN DEBTS
dc.subjectFOREIGN MARKETS
dc.subjectGLOBAL ECONOMY
dc.subjectGOVERNANCE STANDARDS
dc.subjectIMPLICIT GUARANTEES
dc.subjectINCOME GROWTH
dc.subjectINCOME TAXES
dc.subjectINFLATION
dc.subjectINFRASTRUCTURE FINANCING
dc.subjectINFRASTRUCTURE INVESTMENT
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE RISK
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL MARKET
dc.subjectINTERNATIONAL CAPITAL MARKETS
dc.subjectINTERNATIONAL RATING AGENCIES
dc.subjectINVESTMENT BANKS
dc.subjectINVESTMENT POLICIES
dc.subjectLEGAL CONSTRAINTS
dc.subjectLEGAL FRAMEWORK
dc.subjectLENDERS
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY MANAGEMENT
dc.subjectLIQUIDITY POSITION
dc.subjectLIQUIDITY PROBLEMS
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL ECONOMY
dc.subjectLOCAL GOVERNMENT
dc.subjectLOCAL GOVERNMENTS
dc.subjectLONG-TERM DEBT
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET PRICING
dc.subjectMARKET RISKS
dc.subjectMARKET VALUE
dc.subjectMATURITIES
dc.subjectMATURITY
dc.subjectMATURITY STRUCTURE
dc.subjectMORAL HAZARD
dc.subjectMORTGAGE
dc.subjectMORTGAGE-BACKED SECURITIES
dc.subjectMUNICIPAL INVESTMENT
dc.subjectPAYMENT OBLIGATIONS
dc.subjectPENSION
dc.subjectPENSIONS
dc.subjectPORTFOLIO
dc.subjectPRICE RISKS
dc.subjectPROBABILITY OF DEFAULT
dc.subjectPUBLIC FINANCE
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC SECTOR DEBT
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY FRAMEWORKS
dc.subjectREPAYMENT
dc.subjectREPAYMENT CAPACITY
dc.subjectRESERVES
dc.subjectRETURNS
dc.subjectRISK ASSESSMENTS
dc.subjectRISK MANAGEMENT
dc.subjectRISK MANAGEMENT SYSTEM
dc.subjectRISK OF DEFAULT
dc.subjectSECONDARY MARKET
dc.subjectSHORT-TERM DEBT
dc.subjectSOFT BUDGET CONSTRAINT
dc.subjectSOLVENCY
dc.subjectSOVEREIGN BOND
dc.subjectSOVEREIGN BONDS
dc.subjectSOVEREIGN DEBT
dc.subjectSOVEREIGN DEFAULT
dc.subjectSOVEREIGN DEFAULTS
dc.subjectSOVEREIGN ISSUERS
dc.subjectSOVEREIGN RATING
dc.subjectSOVEREIGN RATINGS
dc.subjectSOVEREIGN RISK
dc.subjectSOVEREIGN RISKS
dc.subjectSTAMP DUTIES
dc.subjectSUBNATIONAL BOND MARKET
dc.subjectTAX
dc.subjectTAX SYSTEM
dc.subjectTRADING
dc.subjectTRANSFER RISK
dc.subjectTRANSPARENCY
dc.subjectTREASURIES
dc.subjectUSE OF DERIVATIVE
dc.subjectVARIABLE INTEREST RATE
dc.subjectYIELD SPREADS
dc.titleSubnational Credit Ratings : A Comparative Reviewen
dspace.entity.typePublication
okr.crossref.titleSubnational Credit Ratings: A Comparative Review
okr.date.doiregistration2025-04-10T12:09:05.008845Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090805152909
okr.guid818291468331216189
okr.identifier.doi10.1596/1813-9450-5013
okr.identifier.externaldocumentum000158349_20090805152909
okr.identifier.internaldocumentum10914387
okr.identifier.reportWPS5013
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2009/08/05/000158349_20090805152909/Rendered/PDF/WPS5013.pdfen
okr.region.administrativeThe World Region
okr.region.administrativeThe World Region
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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