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Credit rating of municipal formations: methodological approaches of international rating agencies


Mikhail Vasilyev, Ivan Prakhov, Yury Tuktarov
(about the authors)

Vasilyev Mikhail Y. – Master of Economics; President (Guild of Investment and Financial Analysts, NPO)

Prakhov Ivan P. – Bachelor of Economics (Russian Presidential Academy of National Economy and Public Administration)

Tuktarov Yury E. – Master of Law; Partner (LEKAP legal firm)

Published in:
Global Markets and Financial Engineering (Russian version)
– Volume 2, Number 2 (April-June, 2015)



Keywords: bond loan, investment risk assessment, issuer rating, municipal bonds, municipal formation, securitization


Citation:
Mikhail Vasilyev, Ivan Prakhov, Yury Tuktarov (2015). Credit rating of municipal formations: methodological approaches of international rating agencies. Global Markets and Financial Engineering (Russian version), 2(2), 113-128. doi: 10.18334/grfi.2.2.534


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Abstract:

The paper presents a comparative review of approaches to the analysis of bond investment risk of municipal formations from the point of view of leading rating agencies. The consolidated map of municipal formations’ risks is also built.







References:
FitchRatings. (2015, 18 May).International Local and Regional Governments Rating Criteria Outside the United States(Sector-Specific Criteria Report). Retrieved from: https://www.fitchratings.com/
Moody’s. (2013, 18 January).Regional and Local Governments(Rating Methodology). Retrieved from: https://www.moodys.com/
Standard and Poor’s Rating Services. (2014, 30 June).Methodology For Rating Non-U.S. Local And Regional Governments. Retrieved from: http://maalot.co.il/publications/MT20140701145748a.pdf
Standard and Poor’s Rating Services. (2014, 15 December). Methodology: Rating Non-U.S. Local And Regional Governments Higher Than The Sovereign. Retrievedfrom: https://www.standardandpoors.com/
Protokol zasedaniya Ekspertnogo soveta po deyatelnosti reytingovyh agentstv(2011, 25 noyabrya). Rezhim dostupa: http://www.minfin.ru/common/gen_html/index.php?id=15824&fld=HTML_MAIN
SaytCbonds Financial Information.