Key Takeaways
- S&P Global Ratings has reviewed almost one-third of its international public finance (IPF) ratings globally since early March, when lockdown measures started sending economies across the world into severe recessions.
- We analyzed the trajectory of the ratings assuming that the COVID-19 pandemic would peak in mid-2020 with an economic recovery starting late in 2020 and 2021.
- Of the ratings we reviewed, we affirmed 60%, revised the outlook on roughly a quarter to negative, and lowered another 8%.
- Across the 363 IPF entities we rate on a global scale, 16% of ratings have a negative outlook, against 7% with positive outlooks.
World economies have gone into lockdown because of the coronavirus pandemic, and S&P Global Ratings has been monitoring the effect on its international public finance (IPF) ratings. Since March 10, we've reviewed almost one-third of the IPF issuers we rate (see chart 1). The majority of the 104 entities reviewed by May 21, 2020, were local and regional governments (LRGs; 80%), followed by infrastructure entities (10%), and housing (8%). The 83 LRGs reviewed globally represent around 42% of the entire portfolio.
Of the IPF issuers we've reviewed, we affirmed the ratings on 60%, revised the outlook to negative on a quarter, and downgraded 8%. Although we forecast that the majority of sovereigns we rate will face economic contractions, widening fiscal deficits, and rising government debt stocks, which in turn will affect credit conditions at other government levels, we have stable outlooks on 77% of our IPF ratings.
Chart 1
We continue to monitor the economic and financial fallout from COVID-19 and will review our IPF ratings when necessary, including through potential deviations from our EMEA publication calendar (see Calendar Of 2020 EMEA Sovereign, Regional, And Local Government Rating Publication Dates).
Our Global Macroeconomic Baseline Scenario Informs Our Rating Actions
We forecast a significant contraction of economic activity around the world (see "COVID-19 Deals A Larger, Longer Hit To Global GDP"), with real GDP globally declining by 2.4% in 2020. We then expect global growth to rebound to 5.9% in 2021.
S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the coronavirus outbreak. Some government authorities estimate the pandemic will peak about midyear, and we are using this assumption in assessing the economic and credit implications.
Chart 2
COVID-19 Will Affect Different Asset Classes And Regions With Varying Severity
We believe the impact of COVID-19 will be felt differently across asset classes and regions. For instance, non-U.S. public universities will be affected more heavily than other IPF sectors. We forecast that COVID-19 measures and the global recession will put increasing pressure on operating margins for rated non-U.S. public universities in 2020 and probably 2021. As a result, we have revised the higher education sector outlook to negative from stable (for more, see "The Higher Education Sector Outlook Is Now Negative For Australia, Canada, Mexico, And The U.K.," published May 14, 2020).
We also expect emerging market local government and nonprofit public-sector entities to be impacted more severely. Notwithstanding some support these entities receive from their respective central governments, we view LRGs in emerging markets, public universities, and transport infrastructure operators and providers as the most vulnerable to current economic disruptions (for more, see "COVID-19: Emerging Market Local Governments And Non-Profit Public-Sector Entities Face Rising Financial Strains," published April 6, 2020).
At the same time, we believe certain sectors will be somewhat shielded from the effects of the pandemic in the near term. U.K. social housing providers, for instance, are largely countercyclical and currently generally benefit from robust liquidity positions, including cash and revolving credit facilities, and good market access (for more, see "U.K. Social Housing Providers Should Remain Largely Resilient To Short-Term Economic Difficulties From COVID-19," published April 23, 2020).
LRG ratings account for the bulk (81%) of reviewed ratings so far (see chart 3). That said, they also account for more than half of the rated IPF universe. While we have affirmed almost two-thirds of our reviewed LRG issuers, negative rating actions have been more pronounced for other asset classes. We have changed the outlooks on 10 out of the 15 infrastructure entities we rate in the IPF universe. In particular, Canadian airport providers have seen their outlooks change to negative from stable in light of the COVID-19-related decline in air travel.
Chart 3
A Negative Outlook Balance Means More Downgrades Might Be Coming
The outlook balance--the difference between positive and negative outlooks--is firmly negative (see chart 4). With 16% of IPF ratings carrying a negative outlook, versus 7% of IPF ratings with positive outlooks, we think more negative rating actions are likely. That said, the majority of IPF ratings, 77% at the moment, carry stable outlooks, indicating that currently we do not expect those ratings will change over the next one to two years.
Table 1
Downgrades | ||||||
---|---|---|---|---|---|---|
From | To | |||||
Province of Mendoza |
B- | CCC- | ||||
Province of Entre Rios |
B- | CCC | ||||
City of Buenos Aires |
B- | CCC+ | ||||
Province of Cordoba |
B- | CCC | ||||
Province of Neuquen |
B- | CCC- | ||||
Province of Rio Negro |
B- | CCC | ||||
Province of Salta |
B- | CCC | ||||
Province of Buenos Aires |
CC | SD | ||||
Source: S&P Global Ratings. |
Chart 4
Table 2
Ratings List | |||||||||
---|---|---|---|---|---|---|---|---|---|
Entity | Region | Asset class | Date of publication | Affirmed/rating change/outlook change | Old rating | Old outlook | New rating | New outlook | Rating action |
Ottawa Macdonald-Cartier International Airport Authority |
Americas | Transport Infrastructure | 3/11/2020 | Ratings Affirmed At 'A+'; Outlook Stable | A+ | Stable | A+ | Stable | Affirmation |
Goteborg (City of) |
EMEA | LRG | 3/13/2020 | 'AA+/A-1+' Ratings Affirmed; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Lund (Municipality of) |
EMEA | LRG | 3/13/2020 | 'AAA/A-1+' Ratings And 'K-1' Ratings Affirmed; Outlook Stable | AAA | Stable | AAA | Stable | Affirmation |
Stara Zagora (City of) |
EMEA | LRG | 3/13/2020 | Affirmation, Full Analysis | BBB- | Stable | BBB- | Stable | Affirmation |
Barcelona (City of) |
EMEA | LRG | 3/13/2020 | Affirmation | A | Stable | A | Stable | Affirmation |
Thrive Homes Ltd. |
EMEA | Social Housing | 3/18/2020 | Outlook On U.K.–Based Thrive Homes Revised To Stable From Negative On Improving Profitability; 'A' Rating Affirmed | A | Negative | A | Stable | Outlook revision to stable from negative |
Greater London Authority |
EMEA | LRG | 3/20/2020 | Ratings Affirmed At 'AA/A-1+'; Outlook Negative | AA | Negative | AA | Negative | Affirmation |
Sundsvall (Municipality of) |
EMEA | LRG | 3/20/2020 | 'AA+/A-1+' And 'K-1' Ratings Affirmed; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Uppsala (City of) |
EMEA | LRG | 3/20/2020 | 'AA+/A-1+' And 'K-1' Ratings Affirmed; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Tomsk Oblast |
EMEA | LRG | 3/20/2020 | Affirmation, Full Analysis | BB- | Stable | BB- | Stable | Affirmation |
Krakow (City of) |
EMEA | LRG | 3/20/2020 | Affirmation | A- | Stable | A- | Stable | Affirmation |
Lodz (City of) |
EMEA | LRG | 3/20/2020 | Affirmation | BBB+ | Stable | BBB+ | Stable | Affirmation |
Saxony-Anhalt (State of) |
EMEA | LRG | 3/20/2020 | Affirmation | AA+ | Negative | AA+ | Negative | Affirmation |
Vorarlberg (State of) |
EMEA | LRG | 3/20/2020 | Affirmation | AA+ | Stable | AA+ | Stable | Affirmation |
Hemso Fastighets AB |
EMEA | Social Housing | 3/25/2020 | 'A-/A-2' And 'K-1' Ratings Affirmed; Outlook Stable | A- | Stable | A- | Stable | Affirmation |
La Rioja (Province of) |
Americas | LRG | 3/26/2020 | 'CCC-' Ratings Affirmed And Off CreditWatch Negative After Payment Of Interest Within Grace Period | CCC- | CWN | CCC- | Negative | Affirmation |
Platform Housing Group |
EMEA | Social Housing | 3/26/2020 | Assigned 'A+' Rating; Outlook Stable | A+ | Stable | New Rating | ||
Zagreb (City of) |
EMEA | LRG | 3/27/2020 | Outlook Revised To Negative From Stable On Deteriorating Financial Situation; 'BB' Ratings Affirmed | BB | Stable | BB | Negative | Outlook revision to negative |
The Basque Country (Autonomous Community of) |
EMEA | LRG | 3/27/2020 | Affirmation | AA- | Stable | AA- | Stable | Affirmation |
Bizkaia (Historical Territory of) |
EMEA | LRG | 3/27/2020 | Affirmation | AA- | Stable | AA- | Stable | Affirmation |
Navarre (Autonomous Community of) |
EMEA | LRG | 3/27/2020 | Affirmation | AA- | Stable | AA- | Stable | Affirmation |
Bogota Distrito Capital |
Americas | LRG | 3/27/2020 | Outlook Revised To Negative Following Same Action On Colombia; 'BBB-' Ratings Affirmed | BBB- | Stable | BBB- | Negative | Outlook revision to negative |
Housing Solutions |
EMEA | Social Housing | 3/27/2020 | Ratings Affirmed At 'A+'; Outlook Stable | A+ | Stable | A+ | Stable | Affirmation |
Guanajuato (State of) |
Americas | LRG | 3/28/2020 | Outlooks On Four Mexican Local And Regional Governments Revised To Negative From Stable; Ratings Affirmed | BBB | Stable | BBB | Negative | Outlook revision to negative |
Queretaro Arteaga (State of) |
Americas | LRG | 3/28/2020 | Outlooks On Four Mexican Local And Regional Governments Revised To Negative From Stable; Ratings Affirmed | BBB | Stable | BBB | Negative | Outlook revision to negative |
Queretaro (City of) |
Americas | LRG | 3/28/2020 | Outlooks On Four Mexican Local And Regional Governments Revised To Negative From Stable; Ratings Affirmed | BBB | Stable | BBB | Negative | Outlook revision to negative |
Edmonton Regional Airports Authority |
Americas | Transport Infrastructure | 4/1/2020 | Ratings Affirmed; Outlook Revised To Negative Due To COVID-19 | A+ | Stable | A+ | Negative | Outlook revision to negative |
Vancouver Airport Authority |
Americas | Transport Infrastructure | 4/1/2020 | Ratings Affirmed; Outlook Revised To Negative Due To COVID-19 | AA | Stable | AA | Negative | Outlook revision to negative |
Greater Toronto Airports Authority |
Americas | Transport Infrastructure | 4/1/2020 | Ratings Affirmed; Outlook Revised To Negative Due To COVID-19 | A+ | Stable | A+ | Negative | Outlook revision to negative |
Winnipeg Airports Authority Inc. |
Americas | Transport Infrastructure | 4/1/2020 | Ratings Affirmed; Outlook Revised To Negative Due To COVID-19 | A+ | Stable | A+ | Negative | Outlook revision to negative |
Halifax International Airport Authority |
Americas | Transport Infrastructure | 4/1/2020 | Ratings Affirmed; Outlook Revised To Negative Due To COVID-19 | AA- | Stable | AA- | Negative | Outlook revision to negative |
NAV CANADA |
Americas | Transport Infrastructure | 4/1/2020 | Ratings Affirmed; Outlook Revised To Negative Due To COVID-19 | AA | Stable | AA | Negative | Outlook revision to negative |
Ottawa Macdonald-Cartier International Airport Authority |
Americas | Transport Infrastructure | 4/1/2020 | Ratings Affirmed; Outlook Revised To Negative Due To COVID-19 | A+ | Stable | A+ | Negative | Outlook revision to negative |
The Federal Bridge Corp. Ltd. |
Americas | Transport Infrastructure | 4/1/2020 | Ratings Affirmed; Outlook Revised To Negative Due To COVID-19 | A+ | Stable | A+ | Negative | Outlook revision to negative |
Olomouc (City of) |
EMEA | LRG | 4/3/2020 | Ratings Affirmed At 'A+'; Outlook Stable, Full Analysis | A+ | Stable | A+ | Stable | Affirmation |
Vastra Gotaland (Region of) |
EMEA | LRG | 4/3/2020 | 'AAA/A-1+' And 'K-1' Ratings Affirmed; Outlook Stable | AAA | Stable | AAA | Stable | Affirmation |
Orebro (Municipality of) |
EMEA | LRG | 4/3/2020 | Outlook Revised To Negative; Ratings Affirmed At 'AA+/A-1+' And 'K-1' | AA+ | Stable | AA+ | Negative | Outlook revision to negative |
Stockholm (Region of) |
EMEA | LRG | 4/3/2020 | Ratings Affirmed At 'AA+/A-1+'; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Samara Oblast |
EMEA | LRG | 4/3/2020 | Ratings Affirmed At 'BB+'; Outlook Stable | BB+ | Stable | BB+ | Stable | Affirmation |
St. Gallen (Canton of) |
EMEA | LRG | 4/3/2020 | Affirmation | AA+ | Stable | AA+ | Stable | Affirmation |
New South Wales |
APAC | LRG | 4/8/2020 | Outlook Revised To Negative After Similar Action On The Sovereign; Ratings Affirmed | AAA | Stable | AAA | Negative | Outlook revision to negative |
Australian Capital Territory |
APAC | LRG | 4/8/2020 | Outlook Revised To Negative After Similar Action On The Sovereign; Ratings Affirmed | AAA | Stable | AAA | Negative | Outlook revision to negative |
State Of Victoria |
APAC | LRG | 4/8/2020 | Outlook Revised To Negative After Similar Action On The Sovereign; Ratings Affirmed | AAA | Stable | AAA | Negative | Outlook revision to negative |
Paris (City of) |
EMEA | LRG | 4/10/2020 | Outlook Revised To Negative On Operating Performance Pressure; 'AA/A-1+' Ratings Affirmed | AA | Stable | AA | Negative | Outlook revision to negative |
Lyon (City of) |
EMEA | LRG | 4/10/2020 | Affirmation | AA | Stable | AA | Stable | Affirmation |
Marseille (City of) |
EMEA | LRG | 4/10/2020 | Affirmation | A+ | Stable | A+ | Stable | Affirmation |
Tashkent Oblast |
EMEA | LRG | 4/15/2020 | Rating Suspended On Lack Of Sufficient Information To Maintain The Rating | BB- | Stable | NR | NR | Rating suspension |
Jonkoping (Municipality of) |
EMEA | LRG | 4/17/2020 | Outlook Revised To Negative On Risks Of Increased Budgetary Pressure; Ratings Affirmed | AA+ | Stable | AA+ | Negative | Outlook revision to negative |
Östersund (City of) |
EMEA | LRG | 4/17/2020 | 'AA+/A-1+' And 'K-1' Ratings Affirmed; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Skopje (Municipality of) |
EMEA | LRG | 4/17/2020 | Affirmation | BB- | Stable | BB- | Stable | Affirmation |
Palmerston North City Council |
APAC | LRG | 4/21/2020 | Outlook Revised To Stable From Positive On Growing Deficits; 'AA/A-1+' Ratings Affirmed | AA | Stable | AA | Negative | Outlook revision to negative |
King's College London |
EMEA | Higher Education | 4/23/2020 | Outlook Revised To Negative As COVID-19 Could Disrupt Enrolment; 'AA-' Rating Affirmed | AA- | Stable | AA- | Negative | Outlook revision to negative |
Helsingborg (City of) |
EMEA | LRG | 4/24/2020 | Ratings Affirmed At 'AAA/A-1+'; Outlook Stable | AAA | Stable | AAA | Stable | Affirmation |
Riga (City of) |
EMEA | LRG | 4/24/2020 | 'A-/A-2' Ratings Affirmed; Outlook Stable | A- | Stable | A- | Stable | Affirmation |
Skane (Region of) |
EMEA | LRG | 4/24/2020 | 'AA+' Ratings Affirmed; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Hesse (State of) |
EMEA | LRG | 4/24/2020 | 'AA+' Ratings Affirmed; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Zurich (City of) |
EMEA | LRG | 4/24/2020 | 'AA+' Ratings Affirmed; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Autonomous Community of Andalusia |
EMEA | LRG | 4/24/2020 | 'BBB+' Rating Affirmed; Outlook Stable | BBB+ | Stable | BBB+ | Stable | Affirmation |
Autonomous Community of Extremadura |
EMEA | LRG | 4/24/2020 | Outlook Revised To Stable On Expected Weaker Budgetary Performance; Affirmed At 'BBB/A-2' | BBB | Positive | BBB | Stable | Outlook change to stable from positive |
Burgenland (State of) |
EMEA | LRG | 4/24/2020 | 'AA/A-1+' Ratings Affirmed; Outlook Stable | AA | Stable | AA | Stable | Affirmation |
Geneva (City of) |
EMEA | LRG | 4/24/2020 | Affirmation | AA- | Stable | AA- | Stable | Affirmation |
Mendoza (Province of) |
Americas | LRG | 4/28/2020 | Downgraded To 'CCC-' From 'B-' On Severe Liquidity Pressures, Outlook Remains Negative | B- | Negative | CCC- | Negative | Downgrade |
Lincolnshire Housing Partnership Ltd. |
EMEA | Social Housing | 4/28/2020 | 'A+' Rating Affirmed; Outlook Stable | A+ | Stable | A+ | Stable | Affirmation |
MKB Fastighets AB |
EMEA | Social Housing | 4/28/2020 | 'AA/A-1+'And 'K-1' Ratings Affirmed; Outlook Stable | AA | Stable | AA | Stable | Affirmation |
Metropolitano de Lisboa E.P. |
EMEA | Transport Infrastructure | 4/29/2020 | Outlook Revised To Stable After Similar Action On Portugal; 'BBB' Rating Affirmed | BBB | Positive | BBB | Stable | Outlook change to stable from positive |
Entre Rios (Province of) |
Americas | LRG | 4/30/2020 | Ratings Downgraded To 'CCC' From 'B-' On Rising Liquidity Pressures, Outlook Is Negative | B- | Negative | CCC | Negative | Downgrade |
Colne Housing Society Ltd. |
EMEA | Social Housing | 4/30/2020 | 'A' Ratings Put On CreditWatch Positive On Planned Merger | A | Stable | A | CWP | Creditwatch Positive |
Liguria (Region of) |
EMEA | LRG | 5/1/2020 | Ratings Affirmed At 'BBB'; Outlook Negative Aligned To The Sovereign | BBB | Negative | BBB | Negative | Affirmation |
Linkoping (Municipality of) |
EMEA | LRG | 5/1/2020 | Ratings Affirmed At 'AA+/A-1+'; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Norrtalje (Municipality of) |
EMEA | LRG | 5/1/2020 | Ratings Affirmed At 'AA+/A-1+'; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Rome (City of) |
EMEA | LRG | 5/1/2020 | Outlook Revised To Negative; 'BBB-' Rating Affirmed | BBB- | Stable | BBB- | Negative | Outlook revision to negative |
British Columbia Ferry Services Inc. |
Americas | Transport Infrastructure | 5/1/2020 | Outlook Revised To Negative From Stable; 'AA-' Ratings Affirmed | AA- | Stable | AA- | Negative | Outlook revision to negative |
Queen's University |
Americas | Higher Education | 5/5/2020 | Ratings Affirmed At 'AA+'; Outlook Is Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Lower Austria (State of) |
EMEA | LRG | 5/6/2020 | Outlook Revised To Negative; 'AA/A-1+' Ratings Affirmed | AA | Stable | AA | Negative | Outlook revision to negative |
Autonomous Community of Aragon |
EMEA | LRG | 5/8/2020 | Rating Affirmed At 'BBB+'; Outlook Stable | BBB+ | Stable | BBB+ | Stable | Affirmation |
Basel-Country (Canton of) |
EMEA | LRG | 5/8/2020 | 'AA+/A-1+' Ratings Affirmed; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Huddinge (Municipality of) |
EMEA | LRG | 5/8/2020 | 'AA+/A-1+' And 'K-1' Ratings Affirmed; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Basel-City (Canton of) |
EMEA | LRG | 5/8/2020 | Affirmation | AAA | Stable | AAA | Stable | Affirmation |
Autonomous Community of Madrid |
EMEA | LRG | 5/8/2020 | Affirmed At 'A-/A-2 On Strong Central Government Support; Outlook Remains Positive | A- | Positive | A- | Positive | Affirmation |
Buenos Aires (City of) |
Americas | LRG | 5/12/2020 | Ratings Downgraded On Tighter Foreign Exchange Controls And Liquidity Pressure | B- | Negative | CCC+ | Negative | Downgrade |
Cordoba (Province of) |
Americas | LRG | 5/12/2020 | Ratings Downgraded On Tighter Foreign Exchange Controls And Liquidity Pressure | B- | Negative | CCC | Negative | Downgrade |
Neuquen (Province of) |
Americas | LRG | 5/12/2020 | Ratings Downgraded On Tighter Foreign Exchange Controls And Liquidity Pressure | B- | Negative | CCC- | Negative | Downgrade |
Rio Negro (Province of) |
Americas | LRG | 5/12/2020 | Ratings Downgraded On Tighter Foreign Exchange Controls And Liquidity Pressure | B- | Negative | CCC | Negative | Downgrade |
Salta (Province of) |
Americas | LRG | 5/12/2020 | Ratings Downgraded On Tighter Foreign Exchange Controls And Liquidity Pressure | B- | Negative | CCC | Negative | Downgrade |
Haldimand County |
Americas | LRG | 5/13/2020 | Ratings Affirmed At 'AA'; Outlook Stable, Full Analysis | AA | Stable | AA | Stable | Affirmation |
Winnipeg Airports Authority Inc. |
Americas | Transport Infrastructure | 5/13/2020 | 'A+' Ratings Affirmed; Outlook Remains Negative | A+ | Negative | A+ | Negative | Affirmation |
McMaster University |
Americas | Higher Education | 5/14/2020 | Ratings Affirmed At 'AA'; Outlook Remains Stable | AA | Stable | AA | Stable | Affirmation |
Solothurn (Canton of) |
EMEA | LRG | 5/15/2020 | Ratings Affirmed At 'AA+'; Outlook Stable, Full Analysis | AA+ | Stable | AA+ | Stable | Affirmation |
Buenos Aires (Province of) |
Americas | LRG | 5/15/2020 | Rating Lowered To 'SD' From 'CC' On Missed Payment | CC | Negative | SD | Downgrade | |
Oslo (City of) |
EMEA | LRG | 5/15/2020 | 'AAA' Ratings Affirmed; Outlook Stable | AAA | Stable | AAA | Stable | Affirmation |
Umbria (Region of) |
EMEA | LRG | 5/15/2020 | Rating Affirmed At 'BBB'; Outlook Negative, Reflecting That On The Sovereign | BBB | Negative | BBB | Negative | Affirmation |
Lazio (Region of) |
EMEA | LRG | 5/15/2020 | Rating Affirmed At 'BBB'; Outlook Negative, Reflecting That On The Sovereign | BBB | Negative | BBB | Negative | Affirmation |
Stockholm (City of) |
EMEA | LRG | 5/15/2020 | 'AAA/A-1+' Ratings Affirmed; Outlook Remains Negative | AAA | Negative | AAA | Negative | Affirmation |
Gironde (Department of) |
EMEA | LRG | 5/15/2020 | Outlook Revised To Negative On Mounting Debt; ‘AA-/A-1+’ Ratings Affirmed | AA- | Stable | AA- | Negative | Outlook revision to negative |
Campania (Region of) |
EMEA | LRG | 5/15/2020 | Ratings Affirmed At 'BBB-'; Outlook Is Positive | BBB- | Positive | BBB- | Positive | Affirmation |
Stavanger (Municipality of) |
EMEA | LRG | 5/15/2020 | Ratings Affirmed At 'AA+/A-1+'; Outlook Stable | AA+ | Stable | AA+ | Stable | Affirmation |
Balearic Islands |
EMEA | LRG | 5/15/2020 | Ratings Affirmed At 'BBB+', Outlook Remains Stable | BBB+ | Stable | BBB+ | Stable | Affirmation |
Manitoba (Province of) |
Americas | LRG | 5/15/2020 | Outlook Revised To Stable From Positive On Recession's Impact; 'A+' Ratings Affirmed | A+ | Positive | A+ | Stable | Outlook change to stable from positive |
Prince Edward Island (Province of) |
Americas | LRG | 5/15/2020 | Outlook Revised To Stable From Positive On COVID-19 Effects, 'A' Ratings Affirmed | A | Positive | A | Stable | Outlook change to stable from positive |
British Columbia (Province of) |
Americas | LRG | 5/15/2020 | Outlook Revised To Negative From Stable On Potential Fiscal Weakening | AAA | Stable | AAA | Negative | Outlook revision to negative |
Kyiv (City of) |
EMEA | LRG | 5/15/2020 | Affirmation | B | Stable | B | Stable | Affirmation |
Brno (City of) |
EMEA | LRG | 5/15/2020 | Affirmation | AA- | Stable | AA- | Stable | Affirmation |
Hauts-de-Seine (Department of) |
EMEA | LRG | 5/15/2020 | Affirmation | AA | Stable | AA | Stable | Affirmation |
Seine-et-Marne (Department of) |
EMEA | LRG | 5/15/2020 | Affirmation | AA | Stable | AA | Stable | Affirmation |
Regina (City of) |
Americas | LRG | 5/19/2020 | Affirmation | AAA | Stable | AAA | Stable | Affirmation |
Buenos Aires (Province of) |
Americas | LRG | 5/19/2020 | Province of Buenos Aires Rating On Long-Term Par Bonds Lowered To 'D' From 'CC' | CC | D | Downgrade | ||
Wheatley Housing Group Ltd. |
EMEA | Social Housing | 5/21/2020 | Affirmation | A+ | Stable | A+ | Stable | Affirmation |
This report does not constitute a rating action.
Primary Credit Analysts: | Felix Winnekens, New York + 1 (212) 438 0313; felix.winnekens@spglobal.com |
Daniela Brandazza, Mexico City (52) 55-5081-4441; daniela.brandazza@spglobal.com | |
Felix Ejgel, London (44) 20-7176-6780; felix.ejgel@spglobal.com |
No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.
Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.