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Subnational Credit Ratings : A Comparative Review / Liu, Lili
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Liu, Lili
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Access to Finance.
- Bankruptcy and Resolution of Financial Distress.
- Banks and Banking Reform.
- Central government.
- Cities.
- Debt financing.
- Debt Markets.
- Districts.
- Emerging Markets.
- Finance and Financial Sector Development.
- Fiscal adjustment.
- Fiscal decentralization.
- Fiscal discipline.
- Fiscal sustainability.
- Local governments.
- Ministry of finance.
- Municipality.
- Private Sector Development.
- Public disclosure.
- Public entities.
- Public investment.
- Public Sector Economics and Finance.
- Subnational.
- Subnational debt.
- Subnational Economic Development.
- Subnational entities.
- Subnational finance.
- Subnational governments.
- Towns.
- Local Subjects:
- Access to Finance.
- Bankruptcy and Resolution of Financial Distress.
- Banks and Banking Reform.
- Central government.
- Cities.
- Debt financing.
- Debt Markets.
- Districts.
- Emerging Markets.
- Finance and Financial Sector Development.
- Fiscal adjustment.
- Fiscal decentralization.
- Fiscal discipline.
- Fiscal sustainability.
- Local governments.
- Ministry of finance.
- Municipality.
- Private Sector Development.
- Public disclosure.
- Public entities.
- Public investment.
- Public Sector Economics and Finance.
- Subnational.
- Subnational debt.
- Subnational Economic Development.
- Subnational entities.
- Subnational finance.
- Subnational governments.
- Towns.
- Physical Description:
- 1 online resource (46 pages)
- Other Title:
- Subnational Credit Ratings
- Place of Publication:
- Washington, D.C., The World Bank, 2009
- System Details:
- data file
- Summary:
- This 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.
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