Fitch Ratings rates approximately 524 public Government-Related Entities (GREs) globally across four analytical groups: Corporates, International Public Finance (IPF), United States Public Finance (USPF) and Global Infrastructure Group (GIG).
GREs are defined by Fitch Ratings as entities with a significant relationship to a government, often reflected through ownership, control, or support. These entities typically perform public policy functions, benefit from government backing, or hold strategic importance to the government.
This report details not only the final ratings for all Fitch-rated GREs, but also allows users to filter and compare entities based on their standalone credit profile, notching expression – which can be top-down, bottom-up or equalised with the parent – and the key risk factors Fitch uses to assign an overall support score.
The matrix of assessment scores used by Fitch to assign a support score, following an assessment of a parent’s responsibility and incentive to support, together with the notching guideline are also included at the end of the report for reference. This report allows users to compare and contrast GREs across regions and sectors.
Tue 22 Apr, 2025