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Subnational Entity Credit-Risk Ratings

In: The Local Alternative

Author

Listed:
  • Victor Manuel Herrera
  • Daniela Brandazza
  • Fabiola Ortíz

Abstract

This chapter examines some factors that Standard & Poor’s considers relevant for analyzing the development of a sustainable subnational financial system. Mexico is the country that has advanced most in recent years in developing a local subnational finance market in Latin America, with Colombia coming in second. Although this chapter is based mainly on the experience observed in Mexico’s states and municipalities, it also refers to some cases in other countries where Standard & Poor’s has rated subnational entities and infrastructure projects. It includes comments about alternative means of financing infrastructure projects through joint partnerships between the public and private sectors. In addition, it reviews experiences with financial instruments whose development could be relevant at the regional level in the mid and long term. The chapter concludes by highlighting Standard & Poor’s tendencies and perspectives on subnational rating and the application of new financial instruments in this sector in Latin America.

Suggested Citation

  • Victor Manuel Herrera & Daniela Brandazza & Fabiola Ortíz, 2011. "Subnational Entity Credit-Risk Ratings," Palgrave Macmillan Books, in: Rafael Cruz & Carlos Pineda Mannheim & Caroline Pöschl (ed.), The Local Alternative, chapter 14, pages 207-219, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-11964-2_15
    DOI: 10.1057/9780230119642_15
    as

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