GREs get a pick-up from rating change Government-related entities (GREs) got a substantial lift from Moody’s Investors Service when the credit rating agency
introduced a new methodology that seeks formally to incorporate implicit support into GREs where a government is an owner or provides some support.
Moody’s has introduced a joint-default analysis for corporates, which are defined as “entities with full or partial government ownership or control, a special charter, or a public-policy mandate from a national or local government”.
State shareholder support has always been incorporated to some degree but now there is a formal method that carves the rating into four components.
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