标准普尔、穆迪主权评级标准

Table 3a: S&P’s sovereign rating methodology profile, 2002Stability and legitimacy of political institutions Popular participation in political processes

Orderliness of leadership succession

Transparency in economic policy decisions and objectives

Public Security

Political risk Geopolitical Risk

Prosperity, diversity and degree to which economy is market-oriented Income disparities

Effectiveness of financial sector in intermediating funds

Competitiveness and profitability of non financial private sector Efficiency of public sector

Protectionism and other non market influences

Income and economic structure Labor flexibility

Size and composition of savings and investment

Economic growth prospects Rate and pattern of economic growth

General government revenue, expenditure and surplus/deficit trends Revenue-raising flexibility and efficiency

Expenditure effectiveness and pressures

Timeliness, coverage and transparency in reporting

Fiscal flexibility Pension obligations

General government gross and net debt as a percentage of GDP Share of revenue devoted to interest

Currency composition and maturity profile

General government debt burden

Depth and breadth of local capital markets Size and health of non financial public-sector enterprises

Offshore & contingent liabilities

Robustness of financial sector Price behavior in economic cycles

Money and credit expansion

Compatibility of exchange-rate regime and monetary goals

Institutional factors such as central bank independence

Monetary stability Range and efficiency of monetary policy tools

Impact of fiscal and monetary policies on external accounts

Structure of the current account

Composition of capital flows

External liquidity Reserve adequacy

Gross and net public-sector external debt

Maturity profile, currency composition and sensitivity to interest rates Access to concessional funding

Public-sector external debt burden Debt service burden

Gross and net financial sector external debt

Gross and net non financial private-sector external debt

Maturity profile, currency composition and sensitivity to interest rates Access to concessional funding

Private-sector external debt burden

Debt service burden Source: S&P’s (2002b).

Table 3b: Moody’s sovereign rating methodology profile, 2004Nominal GDP (US$ Bil.)Population (Mil.)

GDP per capita (US$)

GDP per capita (PPP basis, US$)

Nominal GDP (% change, local currency)

Real GDP (% change)

Inflation (CPI, % change Dec/Dec)

Gross Investment/GDP

Gross Domestic Saving/GDP

Nominal Exports of G & S (% change, US$ basis)

Nominal Imports of G & S (% change, US$ basis)

Economic structure and performance Openness of the Economy

Gen. Gov. Revenue/GDP

Gen. Gov. Expenditures/GDP

Gen. Gov. Financial Balance/GDP

Gen. Gov. Primary Balance/GDP

Gen. Gov. Debt (US$ Bil.)

Gen. Gov. Debt/GDP

Gen. Gov. Debt/Gen. Gov. Revenue

Gen. Gov. Int. Pymt/Gen. Gov. Revenue

Government finance Gen. Gov. FC & FC-indexed Debt/GG Debt

Nominal Exchange Rate (local currency per US$, Dec)

Real Eff. Exchange Rate (% change)

Current Account Balance (US$ Bil.)

Current Account Balance/GDP

External Debt (US$ Bil.)

Short-term External Debt/Total External Debt

External Debt/GDP

External Debt/CA Receipts

Interest Paid on External Debt (US$ Bil.)

Amortization Paid on External Debt (US$ Bil.)

Net Foreign Direct Investment/GDP

Official Forex Reserves (US$ Bil.)

External payments and debt Net Foreign Assets of Domestic Banks (US$ Bil.)

M2 (% change Dec/Dec)

Short-term Nominal Interest Rate (% per annum, Dec 31)

Domestic Credit (% change Dec/Dec)

Domestic Credit/GDP

M2/Official Forex Reserves (X)

Total External Debt/Official Forex Reserves

Debt Service Ratio

External Vulnerability Indicator

Liquidity Ratio

Total Liab. due BIS Banks/Total Assets Held in BIS Banks

"Dollarization" Ratio

Monetary, external vulnerability and liquidity indicators

"Dollarization" Vulnerability Indicator Source: Moody’s (2004b).

Table 4a: S&P’s subsovereign rating methodology, 2005Sovereign factors Demographics Economic structure Economy

Growth prospects Intergovernmental system stability and predictability System structure

and management

Management capacity and institutional legitimacy Revenue sources and flexibility Expenditure trends and flexibility Fiscal flexibility

and performance

Budgetary performance and financing requirements Liquidity and debt management Debt burden

Financial position Off-balance-sheet liabilities

Source: S&P’s (2005a).

Table 4b: Moody’s subsovereign rating methodology, 2005Population Gross Domestic Product

GDP per capita GDP per capita as a % of National Average Real GDP (% change)

Unemployment Rate (%)

Economic structure and performance National Unemployment Rate

Gross Direct and Guaranteed Debt

Net Direct and Guaranteed Debt

Net Direct and Guaranteed Debt per capita

Net Direct and Guaranteed Debt/GDP

Net Direct and Guaranteed Debt/Operating Revenue (%)Net Direct and Guaranteed Debt/Total Revenue (%)Foreign Currency Gross Direct Debt (after swaps)/Gross Direct Debt (%)

Short-term Gross Direct Debt/Gross Direct Debt (%)

Short-term and Variable Rate Long-term Gross Direct Debt/Gross Direct Debt (%)

Debt profile Weighted Average Maturity of Gross Direct Debt (years)Discretionary Own Source Revenue/Operating Revenue (%)Intergovernmental Transfers/Operating Revenue (%)Earmarked Revenue/Operating Revenue (%)

Interest Payments/Operating Revenue (%)

Debt Service/Total Revenue (%)

Accrual Financing Surplus (Requirement)/Total Revenue (%)Cash Financing Surplus (Requirement)/Total Revenue (%)Gross Borrowing Need/Total Revenue (%)

Total Expenditures per capita (US$)Total Expenditures/GDP (%)

Primary Operating Balance/Operating Revenue (%)

Gross Operating Balance/Operating Revenue (%)

Net Operating Balance/Operating Revenue (%)

Self-financing Ratio

Capital Spending/Total Expenditures (%)

5-year Total Revenue CAGR less 5-year Total Expenditure CAGR (%)

Financial performance Net Working Capital/Total Expenditures (%)

Source: Moody’s (2005b).