Country's/Region's overall income, economic growth and economic diversification (Moody's)

Wealth and income levels – GDP per capita with local qualitative adjustments (S&P)

Economic stability (Fitch)

Financial market development, affected by endogenous, exogenous and specific-sector factors (Fitch)

ESG-related factors (Fitch)

Sovereign rating (Fitch)

Rules and procedures about governing powers and responsibilities (robust and clearly defined in the law; transparency in any change) (Moody's)

Fiscal planning and budget management; fiscal policies such as debt and deficit ceilings (Moody's, S&P)

Fiscal controls, transparent accounts and in-year monitoring and reporting (Moody's)

Adequacy of the revenues to the expenditures (S&P)

Predictability (frequency, implementation and outcomes) of the reforms affecting the division of responsibilities and revenues between levels of government (S&P)

Operational environment, which includes the revenue mix, tax autonomy, intergovernmental relations, funding and any equalisation mechanisms, expenditure profile, level and mix of responsibilities and bankruptcy regime (Fitch)

Easy access to funding (domestic capital market, banks, public sector funding) (Moody's)

Rescue mechanisms and exceptional support from Central government (Fitch, S&P)

External support (bank and ad hoc loans from government (Fitch)

National regulation of public-sector accounting systems and standards of financial reporting and planning, in the transparency and accountability sub-dimension (S&P)

Sector-wide accounting and reporting policies for borrowing, and control and monitoring (Fitch)

Accounting policies, reporting and transparency (Fitch)

Financial management ability – political and managerial strength, affecting financial planning and implementation; and liquidity, debt and contingent liabilities management (S&P)

Cash flow capacity (revenue and expenditure structure), stable debt service (financial commitments) with adequate liquidity and contingent liabilities (Fitch)

(Debt and investment) risk mitigants (included in the IF by Moody's; Fitch)

Revenue and expenditure flexibility, included in the IF (Moody's)

Volatility of expected cash flows, from operations and investment activities (Fitch)