Criteria For Rating Non-U.S. Public-Sector
Funding Agencies PublishedAnalytical Contacts:
Carl Nyrerod, Stockholm (46) 8-440-5919; carl.nyrerod@spglobal.com
Stephen Ogilvie, Toronto (1) 416-507-2524; stephen.ogilvie@spglobal.com
Kensuke Sugihara, Tokyo (81) 3-4550-8475; kensuke.sugihara@spglobal.com
Criteria Contacts:
Bertrand De Dianous, Paris (33) 1-4420-7371; bertrand.de.dianous@spglobal.com
Valerie Montmaur, Paris (33) 1-4420-7375; valerie.montmaur@spglobal.com

STOCKHOLM (S&P Global Ratings) May 22, 2018--S&P Global Ratings today
published new criteria for rating non-U.S. public-sector funding agencies(PSFAs), which are specialized not-for-profit institutions established tosecure and provide cost-efficient funding to public-sector entities in their
domicile country or region (see "Public-Sector Funding Agencies: Methodology
And Assumptions").
These new criteria fully supersede the criteria titled "Rating Finance
Companies," and "Finance Company Ratios," both published on March 18, 2004.
These new criteria aim at enhancing both the transparency and consistency of
our approach to assigning ratings to PSFAs, in particular by clarifying how wederive their stand-alone credit profiles and assess the likelihood of
extraordinary support provided by potential supporting governments or public
sector entities.
The updated methodology follows our "Request For Comment: Public-Sector
Funding Agencies: Methodology And Assumptions," published on June 6, 2017. For
a comparison of the changes between the request for comment (RFC) and thefinal criteria, please see "RFC Process Summary: Public-Sector Funding
Agencies: Methodology And Assumptions," published today.

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MAY 22, 2018 1

Criteria For Rating Non-U.S. Public-Sector Funding Agencies Published

We also published a frequently asked questions article titled "A Closer Look
At The New Public-Sector Funding Agencies Criteria."
Lastly, for guidance on how we apply the new criteria, see "Assumptions For
Liquidity Gap Analysis Under "Public-Sector Funding Agencies: Methodology And
Assumptions"," also published today.
S&P Global Ratings maintains issuer credit ratings on 10 PSFAs included in thescope of the new criteria. We expect these criteria to have an impact on about
one-third of the PSFA ratings in scope. We expect rating changes will likely
be of one notch up or down. As we indicate in our press release titled "10
Public-Sector Funding Agencies Placed Under Criteria Observation On
Publication Of New Criteria," we are placing all 10 credits under criteria
observation.

RELATED CRITERIA• Public-Sector Funding Agencies: Methodology And Assumptions, May 22, 2018
• Request For Comment: Public-Sector Funding Agencies: Methodology And
Assumptions, June 6, 2017

RELATED RESEARCH• A Closer Look At The New Public-Sector Funding Agencies Criteria, May 22,
2018• RFC Process Summary: Public-Sector Funding Agencies: Methodology And
Assumptions, May 22, 2018
• Assumptions For Liquidity Gap Analysis Under "Public-Sector Funding
Agencies: Methodology And Assumptions", May 22, 2018
• 10 Public-Sector Funding Agencies Placed Under Criteria Observation On
Publication Of New Criteria, May 22, 2018

The reports are available to subscribers of RatingsDirect at
www.capitaliq.com. If you are not a RatingsDirect subscriber, you may purchasecopies of these reports by calling (1) 212-438-7280 or sending an e-mail toresearch_request@spglobal.com. Ratings information can also be found on S&P
Global Ratings' public website by using the Ratings search box located in theleft column at www.standardandpoors.com. Alternatively, call one of thefollowing S&P Global Ratings numbers: Client Support Europe (44) 20-7176-7176;
London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49)69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4009.

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MAY 22, 2018 2

Copyright © 2018 by Standard & Poor’s Financial Services LLC. All rights reserved.
No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be
modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission ofStandard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party
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10 Public-Sector Funding Agencies Placed Under
Criteria Observation On Publication Of New
Criteria
Analytical Contacts:
Carl Nyrerod, Stockholm (46) 8-440-5919; carl.nyrerod@spglobal.com
Stephen Ogilvie, Toronto (1) 416-507-2524; stephen.ogilvie@spglobal.com
Kensuke Sugihara, Tokyo (81) 3-4550-8475; kensuke.sugihara@spglobal.com
Criteria Contacts:
Bertrand De Dianous, Paris (33) 1-4420-7371; bertrand.de.dianous@spglobal.com
Valerie Montmaur, Paris (33) 1-4420-7375; valerie.montmaur@spglobal.com

PARIS (S&P Global Ratings) May 22, 2018--S&P Global Ratings today publishedits new methodology for rating non-U.S. public-sector funding agencies(PSFAs), which are specialized not-for-profit institutions established tosecure and provide cost-efficient funding to public-sector entities in their
domicile country or region (see "Public-Sector Funding Agencies: Methodology
And Assumptions" and related articles). These criteria are effective
immediately.
Following changes in rating methodology, credit rating agencies regulated
under Regulation (EC) No 1060/2009, as amended, are required to immediately
place credit ratings potentially affected by such changes "under criteria
observation" (see "Standard & Poor's Announces "Under Criteria Observation"
Identifier For Ratings Potentially Affected By Criteria Changes," published on
May 7, 2013).
As a result of these updated criteria, we are placing 10 short- and long-term
issuer credit ratings and their dependent issues and programs (either shortor long-term) under criteria observation (UCO).

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MAY 22, 2018 1

10 Public-Sector Funding Agencies Placed Under Criteria Observation On Publication Of New Criteria

These ratings are labeled as being "UCO" in the Regulatory Identifier column
on the individual transaction pages of S&P Global Ratings' online credit
rating products (see below for a list of the affected entities). Any ratingchanges prompted by the new criteria will be published in compliance with theregulation. The UCO identifier will remain in place until the conclusion of
the review under the changed criteria. We expect to review the ratings
identified as UCO as a result of the new methodology for rating PSFAs within
six months.
ENTITIES PLACED UNDER CRITERIA OBSERVATION
Canada:• First Nations Finance Authority• Municipal Finance Authority of British Columbia

Denmark:• KommuneKredit

Finland:• Municipality Finance PLC

Japan:• Japan Finance Organization for Municipalities

New Zealand:• New Zealand Local Government Funding Agency Ltd.

Norway:• KBN Kommunalbanken Norway

Sweden:• Kommuninvest i Sverige AB

U.K.:• GB Social Housing PLC• The Housing Finance Corp. Ltd.

RELATED CRITERIA• Public-Sector Funding Agencies: Methodology And Assumptions, May 22, 2018

RELATED RESEARCH• A Closer Look At The New Public-Sector Funding Agencies Criteria, May 22,
2018

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MAY 22, 2018 2

10 Public-Sector Funding Agencies Placed Under Criteria Observation On Publication Of New Criteria• RFC Process Summary: Public-Sector Funding Agencies: Methodology And
Assumptions, May 22, 2018
• Assumptions For Liquidity Gap Analysis Under "Public-Sector Funding
Agencies: Methodology And Assumptions", May 22, 2018

Only a rating committee may determine a rating action and this report does notconstitute a rating action.

The report is available to subscribers of RatingsDirect at www.capitaliq.com.
If you are not a RatingsDirect subscriber, you may purchase a copy of thereport by calling (1) 212-438-7280 or sending an e-mail toresearch_request@spglobal.com. Ratings information can also be found on S&P
Global Ratings' public website by using the Ratings search box located in theleft column at www.standardandpoors.com. Alternatively, call one of thefollowing S&P Global Ratings numbers: Client Support Europe (44) 20-7176-7176;
London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49)69-33-999-225; Stockholm (46) 8-440-5914; or Moscow (7) 495-783-4009.

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MAY 22, 2018 3

Copyright © 2018 by Standard & Poor’s Financial Services LLC. All rights reserved.
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modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission ofStandard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party
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