穆迪关于负有道义责任的承诺的评级方法.docVIP

Moodys Approach To The Moral Obligation Pledge 负有道义责任的承诺的评级方法 Summary Opinion 观点摘要 This special comment discusses Moody’s approach to the moral obligation pledge. In July 1997, we announced changes to our approach to this pledge in a Special Comment entitled “Moody’s Reviews Its Approach to the Moral Obligation Pledge”. This paper reviews the key components of Moody’s analysis of bonds that are backed by an explicit moral obligation pledge and does not address other relationships where implied support may exist. This piece also offers several examples of how Moody’s approach has been applied to recent rating assignments. 这个特别的评论讨论了有道义责任的承诺的穆迪方法。1997年7月，我们宣布改变我们有关这一承诺的方法，在一个特别的评论，题为“穆迪评论其有道义责任的承诺的方法” 。本文综述了债券的穆迪分析的重要组成部分，这些债券有一个明确的有道义责任的承诺做支持，并不涉及可能存在隐含支持的其他关系。 ? Moody’s views the moral obligation pledge as just one credit feature of a bond program, while the central focus of the analysis typically remains on the credit of the issuer and the revenues available to governmental units, projects or revenue generating systems. Moody’s approach includes an analysis of the underlying credit of the debt obligor, rather than focusing solely on the strength and likely behavior of the provider of the moral obligation pledge. 穆迪将有道义责任的承诺看作只是债券项目的一个信用特征，而分析的焦点通常仍然在于发行人的信用和政府单位，项目或创收系统的可得收入。穆迪的方法包括一个债券义务人潜在信用的分析，而不是只把重点放在有道义责任的承诺的提供者的实力和可能的行为。 ? Moody’s approach makes risk distinctions among credits on a case-by-case basis to best reflect the varied nature of transactions backed by a moral obligation pledge and allows for the recognition of the individual merits of a credit rather than a formulaic approach that “notches” a rating off of the entity offering the pledge. In Moody’s view, like traditional debt security features, all moral obligation pledges are not the same and need to be viewed individually. Recent events surrounding the drawing on a moral obligation pledge to support a revenue bond in danger of default validate this view. 穆迪方法在以个案为基础的信用之间做了风险区分，以达到对有道义责任的承诺支持的交易的不同的