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ESG Monthly

Our new ESG monthly newsletter includes our global ESG perspectives across all rated sectors and countries, with commentary covering our views on ESG credit risk and the broader macro trends in ESG and the debt capital markets. 

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Policy Moves Ease Coronavirus Refinancing Pressure For China LGFVs

Policy measures are likely to serve to reduce potential refinancing risks associated with the Coronavirus epidemic for Chinese local government financing vehicles (LGFVs), at least in the near term, but the coronavirus will nonetheless have an adverse impact on business income and liquidity for many LGFVs.



Coronavirus Not an Immediate Threat to Wuhan's GRE Ratings


More on coronavirus

German 2030 Climate Package May Become Green Law Blueprint

Germany’s sweeping package of climate policy reforms may become the blueprint for an intermediate climate action step for many nations aiming to achieve carbon neutrality by 2050.



German 2030 Climate Package May Become Green Law Blueprint



Fitch Ratings Named Best ESG, Investment Grade, Public Finance and Sovereigns Agency

Fitch Ratings has been recognised by The Asset as the Credit Rating Agency of the Year (2019) in four categories. This includes a first-time win in the publication's Triple A Award for ESG, a back-to-back award for Investment Grade, the third award in a row for Sovereigns and the fifth consecutive win for Public Finance.

Webinar on demand

EU State Aid Rules Constrain Railway Issuers' Ratings

Please join Rachel Cros from Fitch’s Global Investor Development team as she interviews Nicolas Painvin, Global Head of International Public Finance and Nicolas Miloikovitch, Senior Analyst in the IPF team about the way in which EU state aid rules are constraining railway issuer’s ratings.

Listen now

outlooks 2020

China Credit Outlook

Stephen Schwartz, Head of APAC Sovereigns, discusses the outlook for China sovereign, banking sector and LGFVs with Andrew Fennell, Lead China Sovereign Analyst, Grace Wu, Head of Greater China Banks, and Terry Gao, Head of APAC Public Finance.


View all Outlooks: Credit Outlooks 2020

Fitch Ratings Wins 2 Structured Finance Awards;Named Best in Financial Institutions & Public Finance

Fitch Ratings has been recognised as the best rating agency for structured finance at FinanceAsia's annual 2019 achievement awards and was also voted Australian structured finance rating agency of the year by KangaNews. FinanceAsia also named Fitch as the best credit ratings agency for financial institutions and public finance.

Comparison between LGFVs in China and India (Part II)

Samuel Kwok, Director, International Public Finance, explains how LGFVs finance urban developments in China and India respectively.

Comparison between LGFVs in China and India (Part I)

Samuel Kwok, Director, International Public Finance, discusses the fundamental difference between LGFVs in China and India – their government frameworks.

Lower Traffic Growth to Cut Emissions May Disrupt Airline Sector

Targeted reductions in net CO2 emissions in aviation are not achievable without a combination of prudent management of air traffic growth and financially demanding regulation. Government policies that could curb air travel and incentivise alternative choices could disrupt the aviation sector and may have credit implications, but this is unlikely to happen in the short to medium term.

Fitch Ratings Launches ESG Heat Map for Public Finance/Infrastructure

Fitch Ratings has launched an ESG 'heat map' for Public Finance/Infrastructure to provide further insight into the relevance of ESG factors to credit ratings. The map is designed to help users understand how relevant individual ESG topics are to credit ratings for different sub-sectors across Global Public Finance, Infrastructure and Project Finance issuers.

New Rules to Limit Chinese Corporates' Offshore Issuance

The Chinese regulator's recent changes in rules for offshore bond issuance by homebuilders and LGFVs are likely to keep Chinese corporate annual issuance flat in 2019, and will effectively cap it at this level in 2020.

RelatedNew Rules to Limit Chinese Corporates' Offshore Issuance

What Investors Want to Know – China’s LGFVs (Part I & II)

Nicolas Painvin, Global Head of International Public Finance, addresses key investor questions on China’s LGFVs  – including what LGFV is, how Fitch assesses the debts of Chinese local government, an overview of LGFV bond market and the recent key developments


Related Press Release and Report:

2019 China Credit Conference

Outlook for Chinese Public Finance Sector

Nicolas Painvin, Global Head of International Public Finance, discuss the outlook for Chinese public finance sector.

Webinar on Demand

ESG Relevance Scores for US Public Finance, and Infrastructure and Project Finance

Environmental, Social and Governance (ESG) factors are increasingly important for investment decisions, which is why Fitch has introduced ESG relevance scores to show relevance and materiality of ESG to ratings.



Laura Porter – Managing Director, US Public Finance (Moderator)

Andrew Steel – Managing Director, Sustainable Finance

Sara Anzinger – Director, Sustainable Finance

Michael Rinaldi – Senior Director, US Public Finance

Scott Zuchorski – Managing Director, US Infrastructure and Project Finance

Glaucia Calp – Managing Director, LATAM Infrastructure and Project Finance


Listen Now

What Investors Want to Know About China's LGFVs

Chinese central-government bodies including the National Development and Reform Commission and the Ministry of Finance have issued various policy directives since 2010 to control local government (LG) indebtedness. The government has a clear path, despite the slow progress.

Introducing ESG Relevance Scores for Public Finance and Infrastructure

ESG factors generally have a low level of direct impact on public finance and infrastructure credit ratings. However, governance is the most influential ESG risk factor across the overall ratings portfolio. This was driven by public finance issuers, which is not surprising given that factors such as political stability, creditor rights, financial transparency, governance structure, government independence and control of corruption are important considerations in our credit rating process. 

DownloadOur ESG Relevance Scores
Watch the VideoIntroducing ESG Relevance Scores - An Update for Public Finance and Infrastructure

Fitch Publishes New Criteria for Rating International Local and Regional Governments

Fitch Ratings has published the final, revised version of its global non-US master criteria report entitled "Rating Criteria for International Local and Regional Governments". The publication of the final, revised criteria report follows publication of an exposure draft on 14 November 2018 in which Fitch outlined various proposed changes to the criteria, and for which the agency sought market feedback. 

Regional Spending Discipline Key to Italy Devolution Plan Impact

Greater devolution of budgeting responsibilities to some Italian regions would be funded by higher tax revenue allocations under current proposals, but the full fiscal impact would also depend on the regions' ability to manage additional spending efficiently. 

Credit Outlook 2019

Hong Kong Credit Outlook Event 2019

Kelvin Tsui, Director of APAC International Public Finance, Fitch Ratings discusses the challenges and opportunities for LGFVs and its transformation in 2019 at the Credit Outlook conference in Hong Kong.


Some highlights including:

  • The Challenges and Opportunities for LGFVs and its Transformation in 2019
  • Salient Risk for APAC in 2019
  • China Property Market Outlook in 2019
  • Trend of Deleveraging in China
  • The role of SOEs in China economy going forward

View more



Available Now On Demand: Chinese LGFVs 2019 Outlook

Please join Fitch Ratings’ Asia-Pacific International Public Finance team as they discuss 2019 issuance and credit outlook for Chinese Local Government Financing Vehicles (LGFVs).


Listen Now


Related Report:
Fitch Ratings 2019 Outlook: APAC Public Finance

2019 Outlook

2019 Outlook: APAC Public Finance

Fitch  Ratings’  view  on  Asia-Pacific  (APAC) local  and  regional  governments  (LRGs)  is underpinned  by stable  economic  fundamentals  and  fiscal  revenue,  counter-balanced  by pressures  from  rising  global  interest  rates  and  potential  US-China  trade  tensions.


Related Reports:

Report in English
Report in Chinese

Fitch Named Best Rating Agency in APAC in Record 5 Categories

Fitch has won the Credit Rating Agency of the Year (2018) awards for the corporate, investment-grade, public-finance, project-finance and sovereign categories. It is the agency's first award for the investment-grade category, and the fourth consecutive win for public finance.

FAQs on International LRG Criteria Exposure Draft

Fitch Ratings has published a report on frequently asked questions (FAQs) about the agency's International LRG Criteria Exposure Draft. The special report, entitled 'Proposed Local and Regional Governments Criteria: FAQs' is available now.

Experience Credit Outlooks 2019

Our annual Credit Outlooks are now available. We're producing reports, video, webinars, and commentary across all sectors and regions to give you in-depth insight into credit in 2019 and beyond.

International LRG Criteria Exposure Draft

The criteria revisions aim at better expressing why the rating is what it is, through a clear sequence of analytical steps. Fitch rates LRGs in more than 25 countries throughout the world. These criteria revisions aim at assessing the role of the national institutional rules and allowing for unbiased international comparisons, a major challenge in the analysis of LRGs.


Fitch Proposes Key Changes to International, Local and Regional Government Rating Criteria

Join senior members of Fitch Ratings’ International Public Finance team as they outline key changes to our international, local and regional rating criteria, details of which have just been released in an exposure draft.

Alitalia Acquisition Would Reduce FS's Rating Headroom

Fitch's base case already envisages FS's gross debt rising towards EUR15 billion by 2020, from about EUR12 billion in June 2018, potentially through acquisitions. We do not think that buying all, or a substantial part, of Alitalia's business operations would push debt above this level.

Some Russian Local Governments Might Lose on World Cup

Eleven Russian cities will host the World Cup over the next month. Unlike previous large international sporting events, including the Sochi Olympics in 2014, Universiade 2013 in Kazan and the 2014 World Cup in Brazil, Russian regions and cities managed to avoid significant World Cup-related debt increases. The majority of costs were carried by the federal government and private investors.

Fitch Reviews NDRC/MoF Statement for Potential Impact on Chinese LRG-GREs

Fitch's GRE ratings are - in the vast majority of cases - based on the assessment of many factors, including incentives of the LGs to provide support to the GREs in a wide variety of ways. This assessment does not assume formal recourse, in the nature of an implied guarantee, but rather the level of raised potential for support in extraordinary circumstances. 

Fitch Announces New International Public Finance Appointments

Fitch Ratings is pleased to announce the appointment of Nicolas Painvin as Managing Director and Analytical Head of International Public Finance.

British Columbia's Budget Highlights New Spending and Revenues

British Columbia's Budget 2018, the first full budget released by the new government since taking office in summer 2017, relies on continued economic growth of between 2.3% and 2.0%, and significant revenue measures to fund spending boosts for key policy goals.

Italy LRGs Face Challenges Regardless of Election Outcome

Italian local and regional governments' key long-term challenges will persist regardless of the outcome of March's national elections. The stated policies of all major parties suggest that LRGs will face limited or declining budget flexibility beyond 2018. 

Credit Hotspot: Spanish Regions

Latest: Spanish Regions to See Budgetary Improvement but Upgrade Unlikely

French Departments' Finances Improving but Weaknesses Remain

The improvement shows the departments' dependence on external factors, particularly the real estate and employment markets. Fitch views this as a weakness since the real estate market can be volatile, and hence represents a risk, to varying degrees, for the departments.

Fitch Named Best High Yield, Sovereigns and Public Finance Rating Agency

Fitch Ratings has been recognised as the best credit rating agency in 2017 for high yield, sovereigns, and public finance by The Asset, a Hong Kong-based magazine covering Asia's financial industry since 1999. It is the agency's first wins for the high yield and sovereigns categories, and the third accolade in a row for public finance.

China LRG Data Manipulation Highlights Oversight Problems

Recent admissions of data falsification by some Chinese local and regional governments (LRGs) highlight governance weaknesses within the sector and add to uncertainty over reported fiscal data. We will continue to monitor developments and take rating action, as appropriate, if further examples come to light.

Risks to Watch: China

As part of Fitch’s Risks to Watch video series, Grace Wu, Brian Coulton, Ying Wang and Terry Gao provide a 360-degree view of China in 2018, covering sovereigns, corporates, financial institutions, and public finance.

GRE Exposure Draft

Fitch Ratings held a teleconference discussion on our proposed new methodology for rating entities owned by, or under significant influence from, government sponsors. This exposure draft is the result of a year-long review of our approach to rating these entities. Additional Resources


Laura Porter


Laura Porter

Analytical Group Head

+1 212 908 0575

Ann Flynn


Ann Flynn

Business Group Head

+1 212 908 9152

Fernando Mayorga


Fernando Mayorga

Business Head

+34 93 323 8407

Nicolas Painvin


Nicolas Painvin

Sector Head

+33 1 44 29 91 28

Christophe Parisot


Christophe Parisot


+ 33 1 44 29 91 34

Beatrice Hue


Beatrice Hue


+33 1 44 29 91 72

Fabio Astolfi


Fabio Astolfi


+55 11 4504 2210

Terry Gao


Terry Gao


+852 2263 9972

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