This report does not constitute a rating action.
This report covers all international public finance entities in Europe, the Middle East, and Africa, Asia-Pacific, Canada, and Latin America, rated by S&P Global Ratings as of Dec. 31, 2023.
Chart 1
Chart 2
Table 1
| Ratings distribution | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating level | LRG | Social housing | Infrastructure | Education services | PSFA | GAFI | Other | Total | ||||||||||
| AAA | 34 | 0 | 1 | 0 | 4 | 3 | 7 | 49 | ||||||||||
| AA+ | 45 | 1 | 4 | 5 | 3 | 2 | 12 | 72 | ||||||||||
| AA | 39 | 1 | 8 | 4 | 0 | 8 | 7 | 67 | ||||||||||
| AA- | 18 | 8 | 2 | 4 | 1 | 0 | 1 | 34 | ||||||||||
| A+ | 10 | 17 | 6 | 7 | 2 | 0 | 1 | 43 | ||||||||||
| A | 7 | 18 | 3 | 1 | 1 | 0 | 1 | 31 | ||||||||||
| A- | 4 | 15 | 0 | 1 | 2 | 0 | 2 | 24 | ||||||||||
| BBB+ | 2 | 3 | 1 | 0 | 1 | 0 | 1 | 8 | ||||||||||
| BBB | 11 | 1 | 0 | 0 | 0 | 0 | 3 | 15 | ||||||||||
| BBB- | 2 | 0 | 1 | 0 | 0 | 0 | 0 | 3 | ||||||||||
| BB+ | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | ||||||||||
| BB | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | ||||||||||
| BB- | 4 | 0 | 0 | 0 | 0 | 1 | 0 | 5 | ||||||||||
| B+ | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | ||||||||||
| B | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | ||||||||||
| B- | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
| CCC+ | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | ||||||||||
| CCC- | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | ||||||||||
| CC | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
| SD | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||
| Total | 192 | 64 | 26 | 22 | 14 | 14 | 36 | 368 | ||||||||||
| Source: S&P Global Ratings. Note: Only includes foreign currency ratings as of Dec. 31, 2023. LRG--Local and regional government. GAFI--Government agency financial institution. PSFA--Public sector funding agency. | ||||||||||||||||||
Table 2
| List of global international public finance entities: Europe, Middle East, and Africa | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Entity | Sector | LT FC rating | Outlook | National scale rating | Outlook | |||||||
| Austria | ||||||||||||
| Autobahnen-und Schnellstrassen-Finanzierungs-AG | Infrastructure | AA+ | Stable | |||||||||
| OeBB-Infrastruktur AG | Infrastructure | AA+ | Stable | |||||||||
| State of Burgenland | LRG | AA | Stable | |||||||||
| State of Lower Austria | LRG | AA | Stable | |||||||||
| State of Styria | LRG | AA | Stable | |||||||||
| State of Tyrol | LRG | AA+ | Stable | |||||||||
| State of Upper Austria | LRG | AA+ | Stable | |||||||||
| State of Vorarlberg | LRG | AA+ | Stable | |||||||||
| Erdoel-Lagergesellschaft m.b.H. | Other | AA+ | Stable | |||||||||
| Wohnbau Burgenland GmbH | Other | AA | Stable | |||||||||
| Belgium | ||||||||||||
| Infrabel | Infrastructure | AA | Stable | |||||||||
| Region of Brussels-Capital | LRG | AA- | Negative | |||||||||
| Bosnia and Herzegovina | ||||||||||||
| Republika Srpska | LRG | B | Stable | |||||||||
| Bulgaria | ||||||||||||
| City of Plovdiv | LRG | BBB | Stable | |||||||||
| City of Sofia | LRG | BBB | Stable | |||||||||
| City of Stara Zagora | LRG | BBB- | Stable | |||||||||
| Croatia | ||||||||||||
| Zagrebacki Holding d.o.o. | GAC | B+ | Positive | |||||||||
| City of Zagreb | LRG | BB+ | Positive | |||||||||
| Czech Republic | ||||||||||||
| City of Brno | LRG | AA- | Stable | |||||||||
| Denmark | ||||||||||||
| Oresundsbro Konsortiet | Infrastructure | AA+ | Stable | |||||||||
| KommuneKredit | PSFA | AAA | Stable | |||||||||
| Finland | ||||||||||||
| Municipal Guarantee Board | PSFA | AA+ | Stable | |||||||||
| Municipality Finance PLC | PSFA | AA+ | Stable | |||||||||
| France | ||||||||||||
| Agence Centrale des Organismes de Securite Sociale (ACOSS) | GAFI | AA | Negative | |||||||||
| Agence Française de Développement | GAFI | AA | Negative | |||||||||
| CAFFIL | GAFI | AA | Negative | |||||||||
| Caisse d'Amortissement De La Dette Sociale | GAFI | AA | Negative | |||||||||
| Groupe Caisse des Depots et Consignations | GAFI | AA | Negative | |||||||||
| SFIL S.A. | GAFI | AA | Negative | |||||||||
| Assistance Publique - Hopitaux de Paris | Health care services | AA | Negative | |||||||||
| SNCF Reseau | Infrastructure | AA | Negative | |||||||||
| City of Marseille | LRG | A+ | Stable | |||||||||
| City of Paris | LRG | AA | Negative | |||||||||
| Communaute D'Agglomeration De Cergy-Pontoise | LRG | AA- | Stable | |||||||||
| Department of Gironde | LRG | AA- | Stable | |||||||||
| Department of Hauts-de-Seine | LRG | AA | Negative | |||||||||
| Department of Mayenne | LRG | AA | Negative | |||||||||
| Department of Yvelines* | LRG | AA | Negative | |||||||||
| Intercity of Saint-Quentin-en-Yvelines | LRG | AA- | Stable | |||||||||
| Region of Auvergne-Rhone-Alpes | LRG | AA | Negative | |||||||||
| Region of Hauts-de-France | LRG | AA- | Stable | |||||||||
| Region of Pays de la Loire | LRG | AA | Negative | |||||||||
| Region of Provence-Alpes-Cote-d'Azur | LRG | AA | Negative | |||||||||
| Syctom | LRG | A+ | Stable | |||||||||
| Agence France Locale | PSFA | AA- | Stable | |||||||||
| Grand Delta Habitat | Social housing | A | Stable | |||||||||
| Maisons & Cites S.A. d'HLM | Social housing | A+ | Stable | |||||||||
| SACVL | Social housing | AA- | Negative | |||||||||
| Toulouse Métropole Habitat | Social housing | A+ | Negative | |||||||||
| Societe Anonyme de Gestion de Stocks de Securite | Other | AA | Negative | |||||||||
| Germany | ||||||||||||
| Erste Abwicklungsanstalt | GAFI | AA | Stable | |||||||||
| L-Bank | GAFI | AA+ | Positive | |||||||||
| NRW Bank | GAFI | AA | Stable | |||||||||
| Saechsische Aufbaubank | GAFI | AAA | Stable | |||||||||
| Wirtschafts- Und Infrastrukturbank Hessen | GAFI | AA+ | Stable | |||||||||
| DFS Deutsche Flugsicherung GmbH | Infrastructure | AAA | Stable | |||||||||
| Rheinbahn AG | Infrastructure | AA | Stable | |||||||||
| State of Baden-Wuerttemberg | LRG | AA+ | Positive | |||||||||
| State of Bavaria | LRG | AAA | Stable | |||||||||
| State of Hesse | LRG | AA+ | Stable | |||||||||
| State of North Rhine-Westphalia | LRG | AA | Stable | |||||||||
| State of Saxony | LRG | AAA | Stable | |||||||||
| Berlinovo Immobilien Gesellschaft mbH | Social housing | A- | Stable | |||||||||
| DEGEWO Aktiengesellschaft | Social housing | A+ | Positive | |||||||||
| GBG Mannheimer Wohnungsbaugesellschaft mbH | Social housing | A+ | Negative | |||||||||
| GEWOBA Aktiengesellschaft Wohnen und Bauen | Social housing | A | Stable | |||||||||
| Gewobag Wohnungsbau-Aktiengesellschaft Berlin | Social housing | A | Stable | |||||||||
| GEWOFAG Holding GmbH | Social housing | AA- | Stable | |||||||||
| HOWOGE Wohnungsbaugesellschaft mbH | Social housing | A | Stable | |||||||||
| Nassauische Heimstätte Wohnungs- Und Entwicklungsgesellschaft mbH | Social housing | A+ | Stable | |||||||||
| Wohnungsbau Ludwigsburg Gmbh | Social housing | A- | Stable | |||||||||
| Italy | ||||||||||||
| Poste Italiane Group | GAC | BBB | Stable | |||||||||
| Metropolitan City of Rome | LRG | BBB | Stable | |||||||||
| Region of Campania | LRG | BBB | Stable | |||||||||
| Region of Liguria | LRG | BBB | Stable | |||||||||
| Region of Sicily | LRG | BBB- | Stable | |||||||||
| Region of Umbria | LRG | BBB | Stable | |||||||||
| Acquirente Unico SpA | Other | BBB | Stable | |||||||||
| Israel | ||||||||||||
| Ramla's Funding Co. 2005 Ltd. | GAFI | ilAAA | Stable | |||||||||
| Municipality of Be'er Sheva | LRG | ilAAA | Stable | |||||||||
| Municipality of Bnei Brak | LRG | ilAAA | Stable | |||||||||
| Municipality of Herzliya | LRG | ilAAA | Stable | |||||||||
| Municipal Association of Igudan | LRG | ilAA+ | Positive | |||||||||
| Municipality of Raanana | LRG | ilAAA | Stable | |||||||||
| Municipality of Tel Aviv | LRG | ilAAA | Stable | |||||||||
| Amidar the national housing company in Israel Ltd. | Social housing | ilAAA | Stable | |||||||||
| Latvia | ||||||||||||
| City of Riga | LRG | A | Stable | |||||||||
| North Macedonia | ||||||||||||
| Municipality of Skopje | LRG | BB- | Negative | |||||||||
| Netherlands | ||||||||||||
| Waarborgfonds Sociale Woningbouw | GAFI | AAA | Stable | |||||||||
| Waarborgfonds voor de Zorgsector | GAFI | AAA | Stable | |||||||||
| Stichting Stadgenoot | Social housing | AA | Stable | |||||||||
| Norway | ||||||||||||
| Fjellinjen AS | Infrastructure | AA | Stable | |||||||||
| City of Oslo | LRG | AAA | Stable | |||||||||
| Municipality of Stavanger | LRG | AA+ | Positive | |||||||||
| Kommunalbanken AS | PSFA | AAA | Stable | |||||||||
| Poland | ||||||||||||
| City of Krakow | LRG | A- | Stable | |||||||||
| City of Lodz | LRG | BBB+ | Stable | |||||||||
| Portugal | ||||||||||||
| Metropolitano de Lisboa, E.P. | Infrastructure | BBB+ | Positive | |||||||||
| Spain | ||||||||||||
| Metropolitano de Tenerife, S.A. | Infrastructure | A | Stable | |||||||||
| Autonomous Community of Andalusia | LRG | A- | Stable | |||||||||
| Autonomous Community of Aragon | LRG | BBB+ | Stable | |||||||||
| Autonomous Community of Canary Islands | LRG | A | Stable | |||||||||
| Autonomous Community of Extremadura | LRG | BBB | Stable | |||||||||
| Autonomous Community of Galicia | LRG | A | Stable | |||||||||
| Autonomous Community of Madrid | LRG | A | Stable | |||||||||
| Autonomous Community of Navarre | LRG | AA- | Stable | |||||||||
| Autonomous Community of the Balearic Islands | LRG | A- | Stable | |||||||||
| Autonomous Community of the Basque Country | LRG | AA- | Stable | |||||||||
| Autonomous Community of Valencia | LRG | BB | Positive | |||||||||
| City of Barcelona | LRG | A | Stable | |||||||||
| Historical Territory of Bizkaia | LRG | AA- | Stable | |||||||||
| Corporacion de Reservas Estrategicas de Productos Petroliferos | Other | A | Stable | |||||||||
| Sweden | ||||||||||||
| Linkopings Stadshus AB | GAC | AA+ | Stable | |||||||||
| City of Boras | LRG | AA+ | Stable | |||||||||
| City of Goteborg | LRG | AA+ | Stable | |||||||||
| City of Helsingborg | LRG | AAA | Stable | |||||||||
| City of Malmo | LRG | AAA | Stable | |||||||||
| City of Stockholm | LRG | AAA | Stable | |||||||||
| City of Uppsala | LRG | AA+ | Positive | |||||||||
| City of Vasteras | LRG | AAA | Stable | |||||||||
| Municipality of Huddinge | LRG | AA+ | Positive | |||||||||
| Municipality of Jonkoping | LRG | AA+ | Stable | |||||||||
| Municipality of Linkoping | LRG | AA+ | Stable | |||||||||
| Municipality of Lund | LRG | AAA | Stable | |||||||||
| Municipality of Nacka | LRG | AAA | Stable | |||||||||
| Municipality of Norrkoping | LRG | AA+ | Stable | |||||||||
| Municipality of Norrtalje | LRG | AA+ | Stable | |||||||||
| Municipality of Orebro | LRG | AA+ | Stable | |||||||||
| Municipality of Ostersund | LRG | AA+ | Stable | |||||||||
| Municipality of Sodertalje | LRG | AA+ | Stable | |||||||||
| Municipality of Sundsvall | LRG | AA+ | Stable | |||||||||
| Municipality of Taby | LRG | AAA | Stable | |||||||||
| Municipality of Trelleborgs | LRG | AA+ | Stable | |||||||||
| Municipality of Vellinge | LRG | AA+ | Stable | |||||||||
| Region of Skane | LRG | AAA | Stable | |||||||||
| Region of Stockholm | LRG | AA+ | Stable | |||||||||
| Region of Vastra Gotaland | LRG | AAA | Stable | |||||||||
| Akademiska Hus AB | Other | AA | Stable | |||||||||
| Lejonfastigheter AB | Other | AA- | Stable | |||||||||
| Specialfastigheter Sverige AB | Other | AA+ | Stable | |||||||||
| Kommuninvest i Sverige AB | PSFA | AAA | Stable | |||||||||
| AB Stangastaden | Social housing | AA- | Stable | |||||||||
| Fastighets AB Forvaltaren | Social housing | AA- | Stable | |||||||||
| Forvaltnings AB Framtiden | Social housing | AA- | Negative | |||||||||
| Stockholms Kooperativa Bostadsforening | Social housing | AA- | Stable | |||||||||
| Switzerland | ||||||||||||
| Canton of Aargau | LRG | AAA | Stable | |||||||||
| Canton of Basel-City | LRG | AAA | Stable | |||||||||
| Canton of Basel-Country | LRG | AAA | Stable | |||||||||
| Canton of Solothurn | LRG | AA+ | Positive | |||||||||
| Canton of St. Gallen | LRG | AAA | Stable | |||||||||
| Canton of Vaud | LRG | AAA | Stable | |||||||||
| Canton of Zurich | LRG | AAA | Stable | |||||||||
| City of Geneva | LRG | AA- | Stable | |||||||||
| City of Lausanne | LRG | AA- | Stable | |||||||||
| City of Zurich | LRG | AAA | Stable | |||||||||
| Republic and Canton of Geneva | LRG | AA | Positive | |||||||||
| Ukraine | ||||||||||||
| City of Kyiv | LRG | CCC+ | Stable | |||||||||
| U.K. | ||||||||||||
| Keele University | Education services | A | Stable | |||||||||
| King's College, London | Education services | AA- | Stable | |||||||||
| Lancaster University | Education services | A+ | Stable | |||||||||
| University of Nottingham | Education services | A+ | Stable | |||||||||
| University of Sheffield | Education services | A+ | Positive | |||||||||
| Harbour Funding Plc | Financial vehicles | A- | N.M. | |||||||||
| Haven Funding Plc | Financial vehicles | BBB+ | N.M. | |||||||||
| Haven Funding (32) Plc | Financial vehicles | BBB | N.M. | |||||||||
| Sunderland (SHG) Finance Plc | Financial vehicles | A- | N.M. | |||||||||
| Transport for London | Infrastructure | A+ | Positive | |||||||||
| Greater London Authority | LRG | AA | Stable | |||||||||
| Wellcome Trust | Other | AAA | Stable | |||||||||
| GB Social Housing Plc | PSFA | A- | Negative | |||||||||
| MORHomes Plc | PSFA | A- | Negative | |||||||||
| The Housing Finance Corporation Ltd. | PSFA | A | Stable | |||||||||
| Accent Group Ltd. | Social housing | A | Stable | |||||||||
| Anchor Hanover Group | Social housing | A+ | Stable | |||||||||
| Apex Housing Association Ltd. | Social housing | A- | Stable | |||||||||
| Aster Group Ltd. | Social housing | A | Stable | |||||||||
| bpha Ltd. | Social housing | A+ | Stable | |||||||||
| Bromford Housing Group Limited | Social housing | A+ | Stable | |||||||||
| Chelmer Housing Partnership | Social housing | A- | Stable | |||||||||
| Clarion Housing Group Ltd. | Social housing | A- | Stable | |||||||||
| ClwydAlyn Housing Ltd. | Social housing | A | Stable | |||||||||
| Cross Keys Homes Ltd. | Social housing | A | Positive | |||||||||
| East Midlands Housing Group Ltd. | Social housing | A+ | Negative | |||||||||
| Futures Housing Group Ltd. | Social housing | A+ | Negative | |||||||||
| Gentoo Group | Social housing | A- | Stable | |||||||||
| Hexagon Housing Association Ltd. | Social housing | BBB+ | Stable | |||||||||
| Home Group Ltd. | Social housing | A- | Stable | |||||||||
| Housing 21 | Social housing | A- | Stable | |||||||||
| Housing Solutions Ltd. | Social housing | A+ | Stable | |||||||||
| Hyde Housing Association Ltd. | Social housing | A | Negative | |||||||||
| Incommunities Group Ltd. | Social housing | A | Negative | |||||||||
| Karbon Homes Ltd. | Social housing | A | Positive | |||||||||
| Lincolnshire Housing Partnership Ltd. | Social housing | A- | Stable | |||||||||
| Link Group Ltd. | Social housing | A | Stable | |||||||||
| Local Space | Social housing | AA- | Negative | |||||||||
| London & Quadrant Housing Trust | Social housing | A- | Negative | |||||||||
| Lowther Homes Ltd. | Social housing | A | Stable | |||||||||
| Notting Hill Genesis | Social housing | A- | Stable | |||||||||
| Octavia Housing | Social housing | BBB | WatchPos | |||||||||
| Paradigm Housing Group Ltd. | Social housing | A+ | Stable | |||||||||
| Paragon Asra Housing Ltd. | Social housing | BBB+ | Stable | |||||||||
| Peabody Trust | Social housing | A- | Negative | |||||||||
| Places for People Group Ltd. | Social housing | A- | Stable | |||||||||
| Platform Housing Group Ltd. | Social housing | A+ | Stable | |||||||||
| Plymouth Community Homes Ltd. | Social housing | A+ | Stable | |||||||||
| Richmond Housing Partnership | Social housing | A+ | Negative | |||||||||
| Sanctuary Housing Association | Social housing | A | Negative | |||||||||
| Sovereign Housing Association Ltd. | Social housing | A | Negative | |||||||||
| Stonewater Ltd. | Social housing | A | Negative | |||||||||
| Swan Housing Association Ltd. | Social housing | BBB+ | Positive | |||||||||
| Thames Valley (Charitable) Housing Association Ltd. | Social housing | A- | Stable | |||||||||
| The Guinness Partnership | Social housing | A- | Stable | |||||||||
| Thrive Homes Ltd. | Social housing | A+ | Stable | |||||||||
| Wheatley Housing Group Ltd. | Social housing | A+ | Stable | |||||||||
| Wrekin Housing Group Ltd. | Social housing | A | Stable | |||||||||
| Vivid Housing Ltd. | Social housing | A | Stable | |||||||||
| Uzbekistan | ||||||||||||
| Fergana Region | LRG | B+ | Stable | |||||||||
| As of Dec. 31, 2023. *Rating withdrawn at the issuer's request on Jan. 15, 2024. Ratings on Israeli entities are Israel national scale ratings, all others are long-term foreign currency (LT FC) ratings. Infrastructure includes: mass transit systems, ports, toll roads, bridges, airports. LRG--Local and regional government. PSFA--Public sector funding agency. GAFI--Government agency financial institution. GAC--Government agency corporate. N.M.--Not meaningful. Source: S&P Global Ratings. | ||||||||||||
Table 3
| List of global international public finance entities: Canada | ||||||||
|---|---|---|---|---|---|---|---|---|
| Entity | Sector | Rating | Outlook | |||||
| McGill University | Education services | AA- | Stable | |||||
| McMaster University | Education services | AA | Stable | |||||
| Queen's University | Education services | AA+ | Stable | |||||
| Simcoe County District School Board | Education services | A+ | Positive | |||||
| The 55 School Board Trust | Education services | A+ | Positive | |||||
| University of British Columbia | Education services | AA | Negative | |||||
| University of Guelph | Education services | AA | Stable | |||||
| University of Toronto | Education services | AA+ | Stable | |||||
| University of Western Ontario | Education services | AA | Stable | |||||
| Universite du Quebec a Montreal | Education services | A- | Stable | |||||
| York Region District School Board | Education services | A+ | Positive | |||||
| York University | Education services | A+ | Stable | |||||
| ORNGE | Healthcare services | A+ | Positive | |||||
| British Columbia Ferry Services Inc. | Infrastructure | AA- | Negative | |||||
| Edmonton Regional Airports Authority | Infrastructure | A | Stable | |||||
| Greater Toronto Airports Authority | Infrastructure | A+ | Stable | |||||
| Halifax International Airport Authority | Infrastructure | A+ | Stable | |||||
| Halifax Port Authority | Infrastructure | A+ | Positive | |||||
| Montreal Port Authority | Infrastructure | AA | Stable | |||||
| NAV CANADA | Infrastructure | AA | Stable | |||||
| Ottawa Macdonald Cartier International Airport Authority | Infrastructure | A | Positive | |||||
| Societe de Transport de Montreal | Infrastructure | AA | Stable | |||||
| The Federal Bridge Corp. Ltd. | Infrastructure | A+ | Stable | |||||
| Vancouver Airport Authority | Infrastructure | AA- | Stable | |||||
| Vancouver Fraser Port Authority | Infrastructure | AA | Stable | |||||
| Winnipeg Airports Authority Inc. | Infrastructure | A+ | Stable | |||||
| City of Barrie | LRG | AA+ | Stable | |||||
| City of Brampton | LRG | AAA | Stable | |||||
| City of Calgary | LRG | AA+ | Stable | |||||
| City of Edmonton | LRG | AA | Positive | |||||
| City of Greater Sudbury | LRG | AA+ | Stable | |||||
| City of Guelph | LRG | AAA | Stable | |||||
| City of Hamilton | LRG | AAA | Stable | |||||
| City of Kingston | LRG | AA+ | Stable | |||||
| City of Laval | LRG | AA+ | Stable | |||||
| City of Mississauga | LRG | AAA | Stable | |||||
| City of Montreal | LRG | AA | Stable | |||||
| City of Ottawa | LRG | AA+ | Stable | |||||
| City of Peterborough | LRG | AA+ | Stable | |||||
| City of Regina | LRG | AAA | Stable | |||||
| City of Saskatoon | LRG | AAA | Stable | |||||
| City of Sault Ste. Marie | LRG | AA+ | Stable | |||||
| City of St. John's | LRG | AA- | Stable | |||||
| City of Thunder Bay | LRG | AA+ | Stable | |||||
| City of Toronto | LRG | AA | Positive | |||||
| City of Vancouver | LRG | AAA | Stable | |||||
| City of Windsor | LRG | AA+ | Stable | |||||
| City of Winnipeg | LRG | AA+ | Stable | |||||
| County of Essex | LRG | AAA | Stable | |||||
| County of Haldimand | LRG | AA | Stable | |||||
| County of Lambton | LRG | AA+ | Stable | |||||
| County of Oxford | LRG | AAA | Stable | |||||
| County of Simcoe | LRG | AA+ | Stable | |||||
| County of Wellington | LRG | AAA | Stable | |||||
| Norfolk County | LRG | AA | Stable | |||||
| Province of Alberta | LRG | AA- | Stable | |||||
| Province of British Columbia | LRG | AA | Negative | |||||
| Province of Manitoba | LRG | A+ | Stable | |||||
| Province of New Brunswick | LRG | A+ | Positive | |||||
| Province of Newfoundland and Labrador | LRG | A | Stable | |||||
| Province of Nova Scotia | LRG | AA- | Stable | |||||
| Province of Ontario | LRG | A+ | Positive | |||||
| Province of Prince Edward Island | LRG | A | Positive | |||||
| Province of Quebec | LRG | AA- | Stable | |||||
| Province of Saskatchewan | LRG | AA | Stable | |||||
| Regional Municipality of Durham | LRG | AAA | Stable | |||||
| Regional Municipality of Halton | LRG | AAA | Stable | |||||
| Regional Municipality of Niagara | LRG | AA+ | Stable | |||||
| Regional Municipality of Peel | LRG | AAA | Stable | |||||
| Regional Municipality of York | LRG | AAA | Stable | |||||
| Territory of Yukon | LRG | AA | Stable | |||||
| First Nations Finance Authority | PSFA | A+ | Positive | |||||
| Municipal Finance Authority of British Columbia | PSFA | AAA | Stable | |||||
| HI-C Issuer Trust | PSFA | BBB+ | Stable | |||||
| British Columbia Investment Management Corporation | PFM | AAA | Stable | |||||
| Caisse de depot et placement du Quebec | PFM | AAA | Stable | |||||
| Canada Pension Plan Investment Board | PFM | AAA | Stable | |||||
| OMERS Administration Corporation | PFM | AA+ | Positive | |||||
| Ontario Pension Board | PFM | AA+ | Positive | |||||
| Ontario Teachers' Pension Plan Board | PFM | AA+ | Positive | |||||
| Public Sector Pension Investment Board | PFM | AAA | Stable | |||||
| Toronto Community Housing Corp. | Social housing | AA- | Stable | |||||
| Royal Office Finance L.P. | Other | AAA | Stable | |||||
| Source: S&P Global Ratings as of Dec. 31, 2023. Note: Infrastructure includes: mass transit systems, ports, toll roads, bridges, airports. LRG--Local and regional government. PSFA--Public sector funding agency. PFM--Pension funds and managers. | ||||||||
Table 4
| List of global international public finance entities: Latin America | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Entity | Sector | LT FC rating | Outlook | National scale rating | Outlook | |||||||
| Argentina | ||||||||||||
| City of Buenos Aires | LRG | CCC- | Negative | raCCC+ | Negative | |||||||
| Province of Buenos Aires | LRG | CCC- | Negative | raCCC | Negative | |||||||
| Province of Entre Rios | LRG | CCC- | Negative | |||||||||
| Province of Jujuy | LRG | CCC- | Negative | |||||||||
| Province of La Rioja | LRG | CCC- | Negative | |||||||||
| Province of Mendoza | LRG | CCC- | Negative | |||||||||
| Province of Neuquen | LRG | CCC- | Negative | |||||||||
| Province of Rio Negro | LRG | CCC- | Negative | |||||||||
| Province of Salta | LRG | CCC- | Negative | |||||||||
| Brazil | ||||||||||||
| City of Niteroi | LRG | BB | Stable | brAAA | Stable | |||||||
| State of Alagoas | LRG | BB- | Stable | brAA+ | Stable | |||||||
| State of Paraiba | LRG | brAA+ | Positive | |||||||||
| State of Minas Gerais | LRG | CCC+ | Stable | brBB | Stable | |||||||
| State of Santa Catarina | LRG | BB- | Stable | brAA+ | Stable | |||||||
| Mexico | ||||||||||||
| Benemerita Universidad Autonoma de Puebla | Education services | mxA+ | Stable | |||||||||
| Universidad Autonoma de Nuevo Leon (UANL) | Education services | mxAA- | Positive | |||||||||
| Universidad Autonoma de Tamaulipas | Education services | mxA+ | Stable | |||||||||
| City of Cajeme | LRG | mxA+ | Stable | |||||||||
| City of General Escobedo | LRG | mxBBB+ | Stable | |||||||||
| City of Guadalupe, N. L. | LRG | mxA- | Stable | |||||||||
| City of Guaymas | LRG | mxBBB+ | Stable | |||||||||
| City of Leon | LRG | mxAA+ | Stable | |||||||||
| City of Los Cabos | LRG | mxCCC+ | WatchDev | |||||||||
| City of Mazatlan | LRG | mxA+ | Negative | |||||||||
| City of Merida | LRG | mxAA+ | Stable | |||||||||
| City of Morelia | LRG | mxAA- | Stable | |||||||||
| City of Navojoa | LRG | mxBB+ | Negative | |||||||||
| City of Puebla | LRG | mxAA+ | Stable | |||||||||
| City of Queretaro | LRG | BBB | Stable | mxAAA | Stable | |||||||
| City of Saltillo | LRG | mxAA | Stable | |||||||||
| City of San Nicolas de los Garza | LRG | mxAA- | Positive | |||||||||
| City of Tijuana | LRG | mxAA- | Stable | |||||||||
| City of Torreon | LRG | mxAA | Stable | |||||||||
| State of Campeche | LRG | mxA+ | Stable | |||||||||
| State of Chiapas | LRG | mxA+ | Stable | |||||||||
| State of Durango | LRG | mxBB+ | Stable | |||||||||
| State of Aguascalientes | LRG | BBB | Stable | mxAA+ | Stable | |||||||
| State of Guanajuato | LRG | BBB | Stable | mxAAA | Stable | |||||||
| State of Guerrero | LRG | mxBBB | Stable | |||||||||
| State of Hidalgo | LRG | mxA+ | Stable | |||||||||
| State of Mexico | LRG | mxAA- | Stable | |||||||||
| State of Nuevo Leon | LRG | mxA | Positive | |||||||||
| State of Oaxaca | LRG | mxA | Stable | |||||||||
| State of Queretaro Arteaga | LRG | BBB | Stable | mxAAA | Stable | |||||||
| State of Quintana Roo | LRG | mxA | Stable | |||||||||
| State of Sinaloa | LRG | mxA | Stable | |||||||||
| Instituto de la Funcion Registral del Estado de Mexico | Other | mxAA- | Stable | |||||||||
| Source: S&P Global Ratings. Ratings are as of Dec. 31, 2023. Infrastructure includes: mass transit systems, ports, toll roads, bridges, airports. LT FC--Long-term foreign currency. LRG--Local and regional government. | ||||||||||||
Table 5
| List of global international public finance entities: Asia-Pacific | ||||||||
|---|---|---|---|---|---|---|---|---|
| Entity | Sector | Rating | Outlook | |||||
| Hong Kong | ||||||||
| Kowloon-Canton Railway Corp. | Infrastructure | AA+ | Stable | |||||
| India | ||||||||
| Kerala Infrastructure Investment Fund Board | GAFI | BB- | Stable | |||||
| Indian Railway Finance Corp. | Infrastructure | BBB- | Stable | |||||
| State of Kerala | LRG | BB- | Stable | |||||
| Japan | ||||||||
| City of Osaka | LRG | A+ | Stable | |||||
| Prefecture of Aichi | LRG | A+ | Stable | |||||
| Tokyo Metropolitan Government | LRG | A+ | Stable | |||||
| Japan Finance Organization for Municipalities | PSFA | A+ | Stable | |||||
| Korea (The Republic of) | ||||||||
| Seoul Metropolitan Government | LRG | AA | Stable | |||||
| Malaysia | ||||||||
| State of Sarawak | LRG | A- | Stable | |||||
| Australia | ||||||||
| La Trobe University | Education services | AA- | Negative | |||||
| The Australian National University | Education services | AA+ | Stable | |||||
| The University of Melbourne | Education services | AA+ | Stable | |||||
| The University of New South Wales | Education services | AA+ | Stable | |||||
| University of Wollongong | Education services | AA- | Stable | |||||
| New South Wales Treasury Corp. | Financial vehicles | AA+ | Stable | |||||
| Queensland Treasury Corp. | Financial vehicles | AA+ | Stable | |||||
| South Australian Government Financing Authority | Financial vehicles | AA+ | Stable | |||||
| Tasmanian Public Finance Corp. | Financial vehicles | AA+ | Stable | |||||
| Treasury Corp. Of Victoria | Financial vehicles | AA | Stable | |||||
| Western Australian Treasury Corp. | Financial vehicles | AAA | Stable | |||||
| Government of Australian Capital Territory | LRG | AA+ | Stable | |||||
| State of New South Wales | LRG | AA+ | Stable | |||||
| State of Queensland | LRG | AA+ | Stable | |||||
| State of South Australia | LRG | AA+ | Stable | |||||
| State of Tasmania | LRG | AA+ | Stable | |||||
| State of Victoria | LRG | AA | Stable | |||||
| State of Western Australia | LRG | AAA | Stable | |||||
| New Zealand | ||||||||
| Dunedin City Treasury Ltd. | Financial vehicles | AA | Stable | |||||
| Housing New Zealand Ltd. | Financial vehicles | AA+ | Stable | |||||
| Christchurch City Holdings Ltd. | GAC | AA | Stable | |||||
| WRC Holdings Ltd. | GAC | AA+ | Stable | |||||
| Auckland Council | LRG | AA | Stable | |||||
| Bay Of Plenty Regional Council | LRG | AA | Negative | |||||
| Christchurch City Council | LRG | AA | Stable | |||||
| Dunedin City Council | LRG | AA | Stable | |||||
| Greater Wellington Regional Council | LRG | AA+ | Stable | |||||
| Hamilton City Council | LRG | AA- | Negative | |||||
| Hastings District Council | LRG | AA- | Stable | |||||
| Horowhenua District Council | LRG | AA- | Stable | |||||
| Hutt City Council | LRG | AA | Negative | |||||
| Kapiti Coast District Council | LRG | AA | Negative | |||||
| Marlborough District Council | LRG | AA | Negative | |||||
| Nelson City Council | LRG | AA | Stable | |||||
| New Plymouth District Council | LRG | AA+ | Stable | |||||
| Palmerston North City Council | LRG | AA | Stable | |||||
| Porirua City Council | LRG | AA | Stable | |||||
| South Taranaki District Council | LRG | AA | Stable | |||||
| Tasman District Council | LRG | AA | Stable | |||||
| Taupo District Council | LRG | AA+ | Stable | |||||
| Tauranga City Council | LRG | A+ | Stable | |||||
| Upper Hutt City Council | LRG | A+ | Stable | |||||
| Waimakariri District Council | LRG | AA | Stable | |||||
| Wellington City Council | LRG | AA+ | Negative | |||||
| Western Bay of Plenty District Council | LRG | AA | Stable | |||||
| Whanganui District Council | LRG | AA | Stable | |||||
| Whangarei District Council | LRG | AA | Stable | |||||
| New Zealand Local Government Funding Agency Ltd. | PSFA | AA+ | Stable | |||||
| Kainga Ora-Homes and Communities | Social housing | AA+ | Stable | |||||
| Source: S&P Global Ratings as of Dec. 31, 2023. Note: Infrastructure includes: mass transit systems, ports, toll roads, bridges, airports. LRG--Local and regional government. PSFA--Public sector funding agency. GAFI--Government agency financial institution. GAC--Government agency corporate. | ||||||||
| Primary Credit Analysts: | Felix Ejgel, London + 44 20 7176 6780; felix.ejgel@spglobal.com |
| Michelle Keferstein, Frankfurt (49) 69-33-999-104; michelle.keferstein@spglobal.com | |
| Secondary Contacts: | Susan Chu, Hong Kong (852) 2912-3055; susan.chu@spglobal.com |
| Kensuke Sugihara, Tokyo + 81 3 4550 8475; kensuke.sugihara@spglobal.com | |
| Sarah Sullivant, Austin + 1 (415) 371 5051; sarah.sullivant@spglobal.com | |
| Anthony Walker, Melbourne + 61 3 9631 2019; anthony.walker@spglobal.com | |
| Louise Morteveille, Paris; louise.morteveille@spglobal.com | |
| Additional Contact: | Sovereign and IPF EMEA; SOVIPF@spglobal.com |
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