Table 1 Rating agencies' methodologies... | Emerald Publishing

Table 1

Rating agencies' methodologies and international institutional sources analysed in Step 1 and Step 2b

Organisation	Title
Fitch Ratings	Fitch Ratings (2024). International local and regional governments rating criteria (Master Criteria), Public Finance Local and Regional Governments Global - Non-US, 16 August; available at: Link to the website (accessed 8 August 2025)
Moody's Ratings	Moody’s Ratings (2024). Rating methodology: Regional and local governments (Sub-sovereign rating methodology), May 28; available at: Link to the website (accessed 8 August 2025)
S&P Global	S&P Global (2024). Criteria \| Governance \| International Public Finance: Methodology for rating local and regional governments outside of the US; July 26; available at: Link to the website (accessed 8 August 2025)
S&P Global	S&P Global (2024). Institutional framework assessments for local and regional governments outside of the U.S., updated April 8; available at: Link to the website (accessed 8 August 2025)
IPSASB	IPSASB (2025)0.2025 Handbook of International Public Sector Accounting Pronouncements (Vol. III). May 5, 2025 Edition, International Federation of Accountants; available at: Link to the website (accessed 8 August 2025)
ECB	Olsson, H., & Catz, J. (2023). A closer look at subnational government finances. European Central Bank Statistical Paper Series No. 42; available at: Link to the website (accessed 8 December 2025)
OECD	OECD (2024). Going granular with regional and municipal fiscal data. OECD and EU countries. OECD Centre for Entrepreneurship, SMEs, Regions and Cities, OECD Publishing; available at: Link to the website (accessed 8 December 2025)
IMF	IMF (2025). Fiscal monitor: Fiscal policy under uncertainty, International Monetary Fund, May 12; available at: Link to the website (accessed 8 December 2025)
IMF	Lledó, V., Gbohoui, W., & Ncuti, C. (2022). The IMF Fiscal Decentralization Dataset. International Monetary Fund; available at: Link to the website (accessed 8 December 2025)

Organisation	Title
Fitch Ratings	Fitch Ratings (2024). International local and regional governments rating criteria (Master Criteria), Public Finance Local and Regional Governments Global - Non-US, 16 August; available at: Link to the website (accessed 8 August 2025)
Moody's Ratings	Moody’s Ratings (2024). Rating methodology: Regional and local governments (Sub-sovereign rating methodology), May 28; available at: Link to the website (accessed 8 August 2025)
S&P Global	S&P Global (2024). Criteria \| Governance \| International Public Finance: Methodology for rating local and regional governments outside of the US; July 26; available at: Link to the website (accessed 8 August 2025)
S&P Global	S&P Global (2024). Institutional framework assessments for local and regional governments outside of the U.S., updated April 8; available at: Link to the website (accessed 8 August 2025)
IPSASB	IPSASB (2025)0.2025 Handbook of International Public Sector Accounting Pronouncements (Vol. III). May 5, 2025 Edition, International Federation of Accountants; available at: Link to the website (accessed 8 August 2025)
ECB	Olsson, H., & Catz, J. (2023). A closer look at subnational government finances. European Central Bank Statistical Paper Series No. 42; available at: Link to the website (accessed 8 December 2025)
OECD	OECD (2024). Going granular with regional and municipal fiscal data. OECD and EU countries. OECD Centre for Entrepreneurship, SMEs, Regions and Cities, OECD Publishing; available at: Link to the website (accessed 8 December 2025)
IMF	IMF (2025). Fiscal monitor: Fiscal policy under uncertainty, International Monetary Fund, May 12; available at: Link to the website (accessed 8 December 2025)
IMF	Lledó, V., Gbohoui, W., & Ncuti, C. (2022). The IMF Fiscal Decentralization Dataset. International Monetary Fund; available at: Link to the website (accessed 8 December 2025)

Source(s): Authors’ own work