Fitch Ratings-New York/London/Moscow-01 September 2021: Fitch Ratings has updated the Public Sector, Revenue-Supported Entities Rating Criteria report (the Revenue Master Criteria) as part of the routine criteria review process. Revisions to the criteria are mostly editorial in nature and there is no impact on existing ratings.
This update describes in criteria the effect on ratings of a distressed debt exchange event and adds consideration of management’s ability to protect cyber and other infrastructure adequately as an asymmetric risk factor. Other minor and editorial revisions to the report include clarifying the application of these criteria to government-owned financial institutions and updating various references consistent with changes in other criteria and definitions.
This new criteria report replaces the criteria report of the same name dated Feb. 23, 2021.
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