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Methodology for Rating (S&P)

Methodology for rating international local and regional governments by Standard & Poor’s Ratings Services (9/2010). “We estimate that the revised criteria are likely to affect 10% to 15% of rated non-U.S. LRGs. The effects could be positive or negative depending on the individual situation of each LRG. Rating changes are likely to be generally within one notch, or in care cases a few notches, of the current rating on the LRGs affected.”

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