natgillin/translations-raw huggingface dataset:
The assessment should also take into consideration the historical payment record in situations of country credit risks default either in the country where it is located or in an obligor's country; and any other factors which may be deemed appropriate in the assessment process.
PCF i = faktor postotka pokrića u kategoriji rizika zemlje i (i = 1 – 7)
The list of classified multilateral and regional institutions is not closed and a Participant may nominate an institution for review according to the above-listed considerations.
BTSF = faktor ‚rizik manji od državnog’
The classifications of multilateral and regional institutions shall be made public by the Participants.
LCF = faktor lokalne valute
ANNEX XII
Primjenjivo razvrstavanje zemalja prema riziku
BUYER RISK CATEGORIES QUALITATIVE DESCRIPTIONS
Primjenjivo razvrstavanje zemalja prema riziku utvrđuje se u skladu s člankom 24. točkom (e) Sporazuma, na temelju kojeg se zatim utvrđuje koeficijent rizika zemlje (ai) i konstanta (bi) koji se dobivaju iz sljedeće tablice:
Better than Sovereign (SOV+)
Odabir odgovarajuće kategorije rizika kupca
This is an exceptional classification.
Odgovarajuća kategorija rizika kupca odabire se iz sljedeće tablice, kojom su obuhvaćene kombinacije utvrđenih kategorija rizika zemlje i rizika kupca i dogovorena sukladnost kategorija rizika kupca CC1 – CC5 s razvrstavanjem akreditiranih agencija za utvrđivanje kreditnog rejtinga.
The entity achieving such a classification is one with an exceptionally strong credit profile which could be expected to fulfil its payment obligations during a period of sovereign debt distress or even default.
Kvalitativni opisi svih kategorija rizika kupca (SOV+ do CC5) utvrđeni su kako bi se pojednostavnilo razvrstavanje dužnika (i jamaca) i navode se u Prilogu XII.
International Credit Rating Agencies issue regular reports listing Corporate and Counterparty Ratings that exceed the Sovereign's Foreign Currency Rating.
Kategorija rizika zemlje
Except when the risk sovereign has been identified through the Sovereign Risk Assessment Methodology as being significantly higher than country risk, Participants proposing that an entity be classified as better than sovereign shall reference such better than sovereign ratings in support of their recommendation.
AAA do AA–
In order to be classified as better than its host sovereign, an entity would be expected to display several or normally a majority of the following characteristics or equivalents:
A+ do A–
A strong credit profile,
BBB+ do BBB–
substantial foreign exchange earnings relative to its currency debt burden,
BB+ do BB
production facilities and cash generation ability from subsidiaries or operations offshore, especially those domiciled in highly rated sovereigns, i.e. multinational enterprises,
B– ili niže
a foreign owner or a strategic partner which could be relied on as a source of financial support in the absence of a formal guarantee,
BB– ili niže
a history of preferential treatment of the entity by the sovereign, including exemption from transfer and convertibility constraints and surrender requirements for export proceeds, and favourable tax treatment,
B+ ili niže
committed credit lines from highly rated international banks, especially credit lines without a material adverse change (MAC) clause which enable banks to withdraw committed facilities in the event of a sovereign crisis or other risk events, and
B ili niže
assets held offshore, especially liquid assets, often as a result of rules allowing exporters to trap and maintain cash balances offshore that are available for debt service.
Koeficijent rizika kupca (cin) određuje se na temelju kategorije rizika kupca i primjenjive kategorije rizika zemlje te se dobiva iz sljedeće tablice:
Normally the SOV+ buyer risk category is not applicable to:
Kategorija rizika kupca
Publicly owned entities and utilities, sub-sovereigns as line ministries, regional governments, etc.,
nije primjenjivo
financial institutions domiciled in the sovereign's jurisdiction, and
Vrijeme rizika (HOR)
entities primarily selling to the domestic market in local currency.
Vrijeme rizika (HOR) izračunava se kako slijedi:
Sovereign (SOV)
Za uobičajene načine otplate (odnosno jednake polugodišnje otplate glavnice):
Sovereign obligors/guarantors are entities that are explicitly legally mandated to enter into a debt payment obligation on the behalf of the Sovereign State, typically Ministry of Finance or Central bank.
HOR = (dužina razdoblja korištenja × 0,5) + dužina razdoblja otplate
A risk designated as sovereign is one where:
Za neuobičajene načine otplate:
the obligor/guarantor is legally mandated to enter into a debt payment obligation on behalf of the Sovereign and thereby commits the full faith and credit of the sovereign, and
HOR = (dužina razdoblja korištenja × 0,5) + (ponderirano prosječno razdoblje otplate – 0,25)/0,5
in the event of rescheduling of sovereign risk, the debt in question would be included in the rescheduling and payment obligations acquired by the sovereign by virtue of the rescheduling.
U navedenim formulama kao jedinica mjerenja vremena koriste se godine.
Equivalent to the Sovereign (CC0): Exceptionally Good Credit Quality
Postotak pokrića za komercijalni rizik (kupca) (PCC) i politički rizik (zemlje) (PCP)
The “equivalent to sovereign” category embraces two basic types of obligors/guarantors:
Postotci pokrića (PCC i PCP) izražavaju se u formuli za izračun MPR-a kao decimalne vrijednosti (npr.
Public entities where due diligence reveals that either the buyer has the implicit full faith and credit/support of the sovereign or that the likelihood of sovereign liquidity and solvency support is very high, both in relation to recovery prospects as well as default risk.
95 % izražava se kao 0,95).
Non-sovereign public entities equivalent to the sovereign would also include companies owned by the government with a monopoly or near monopoly on operations in a sector (e.g. power, oil, gas).
Povećanja kreditne sposobnosti kupca
Corporate entities with an exceptionally strong credit profile, displaying features in terms of both default and recovery prospects which indicate that the risk could be seen as being equivalent to sovereign.
Faktor povećanja kreditne sposobnosti (CEF) jednak je nuli za svaku transakciju koja nije podložna nikakvom povećanju kreditne sposobnosti kupca.
Candidates could include strong blue chip corporates or very important banks for which the likelihood of sovereign liquidity and solvency support is high.
Vrijednost CEF-a za transakcije koje su podložne povećanju kreditne sposobnosti kupca određuje se u skladu s Prilogom XIII.
Exceptionally good credit quality implies that the risk of payment interruption is expected to be negligible and that the entity has an exceptionally strong capacity for repayment and this capacity is not likely to be affected by foreseeable events.
Sporazumu (podložno ograničenjima iz članka 31. točke (c) Sporazuma i ne smije biti veća od 0,35.
The credit quality is typically manifested in a combination of some, if not all, of the following characteristics of the entity's business and financial profile:
Faktor kvalitete proizvoda (QPF)
exceptionally good to very good cash and income generation
QPF se dobiva iz sljedeće tablice:
exceptionally good to very good liquidity levels
Kvaliteta proizvoda
exceptionally low to very low leverage
Ispod standarda
excellent to very strong business profile with proven and very strong management abilities
Iznad standarda
The entity is also characterised by a high quality of financial and ownership disclosure, unless there is a very high likelihood of support from a parent (or sovereign) with a buyer risk classification that is equal to or better than what corresponds to this buyer risk category.
Faktor postotka pokrića (PCF)
Depending on the classification of the country in which the obligor/guarantor is domiciled, it is likely that an obligor/guarantor classified in buyer risk category CC0 would be rated between AAA (Country Category 1) and B (Country Category 7) by accredited CRAs.
PCF se određuje kako slijedi:
Very Good Credit Quality (CC1)
za (maks.
The risk of payment interruption is expected to be low or very low.
(PCC, PCP) ≤ 0,95, PCF = 1)
The obligor/guarantor has a very strong capacity for repayment and this capacity is not likely to be affected by foreseeable events.
za (maks.
The obligor/guarantor has a limited or very limited susceptibility to adverse effects of changes in circumstances and economic conditions.
(PCC, PCP) > 0,95, PCF = 1 + ((maks.
The credit quality is typically manifested in a combination of some, if not all, of the following characteristics of the business and financial profile:
(PCC, PCP) – 0,95)/0,05) × (koeficijent postotka pokrića)
very good to good cash and income generation
Postotak koeficijenta pokrića dobiva se iz sljedeće tablice:
very good to good liquidity levels
Postotak koeficijenta pokrića
very low to low leverage
Faktor rizika manjeg od rizika države (BTSF)
very strong business profile with proven management abilities
Ako je dužnik razvrstan u kategoriju rizika kupca ‚manji od rizika države’ (SOV+), BTSF = 0,9, u protivnom BTSF = 1.
Depending on the classification of the country in which the obligor/guarantor is domiciled, it is likely that an obligor/guarantor classified in buyer risk category CC1 would be rated between AAA (Country Category 1) and B (Country Category 7) by accredited CRAs.
Faktor lokalne valute (LCF)
Good to Moderately Good Credit Quality, Above Average (CC2)
Za transakcije pri kojima se koristi smanjenje rizika zemlje u lokalnoj valuti, vrijednost LCF-a ne smije biti veća od 0,2.
The risk of payment interruption is expected to be low.
Vrijednost LCF-a za sve ostale transakcije je 0.
The obligor/guarantor has a good to moderately good capacity for repayment and this capacity is not likely to be affected by foreseeable events.
PRILOG X.
The obligor/guarantor has a limited susceptibility to adverse effects of changes in circumstances and economic conditions.
TRŽIŠNE USPOREDNE VRIJEDNOSTI ZA TRANSAKCIJE U DRŽAVAMA NULTE KATEGORIJE
good to moderately good cash and income generation
Nepokrivena tranša izvoznih kredita ili dio sindiciranog kredita koji ne pokriva agencija za izvozne kredite
good to moderately good liquidity levels
Cijena koju privatne banke/institucije navedu u pogledu nepokrivene tranše predmetnog izvoznog kredita (ili ponekad kao pokriveni dio sindiciranog kredita koji ne pokriva agencija za izvozne kredite) može biti najbolja alternativa pokriću agencije za izvozne kredite.
low to moderately low leverage
Cijene za takve nepokrivene tranše ili tranše koje ne pokriva agencija za izvozne kredite koriste se samo ako su utvrđene po tržišnim uvjetima (to primjerice ne uključuje dijelove koje financiraju međunarodne financijske institucije).
moderately strong business profile with proven management abilities
Specifične obveznice poduzeća
Depending on the classification of the country in which the obligor/guarantor is domiciled, it is likely that an obligor/guarantor classified in buyer risk category CC2 would be rated between A+ (Country Category 1) and B- or worse (Country Category 7) by accredited CRAs.
Obveznice poduzeća nose sebi svojstven kreditni rizik.
Moderate Credit Quality, Average (CC3)
Oprez je potreban pri prilagođavanju s obzirom na značajke ugovora agencija za izvozne kredite, primjerice dospijeće, denominaciju valute i bilo koje povećanje kreditne sposobnosti.
The risk of payment interruption is expected to be moderate or moderately low.
Ako se koriste primarne obveznice poduzeća (tj. cjelokupni prinos pri izdavanju) ili sekundarne obveznice poduzeća (tj. opcijski prilagođen raspon u odnosu na odgovarajuću krivulju, što je obično krivulja relevantne valutne zamjene), prije svega se koriste one za dužnika; ako nije dostupno, mogu se upotrijebiti primarne ili sekundarne obveznice poduzeća povezanih subjekata.
The obligor/guarantor has a moderate or moderately good capacity for repayment.
Specifične kreditne izvedenice na osnovi nastanka statusa neispunjavanja obveza
There is a possibility of credit risk developing as the obligor/guarantor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to inadequate capacity to meet timely payments.
Raspon CDS-a je iznos koji kupac CDS-a u određenom razdoblju plaća kao postotak fiktivne vrijednosti glavnice i obično se izražava u baznim bodovima.
However, business or financial alternatives may be available to allow financial commitments to be met.
Kupac CDS-a zapravo kupuje osiguranje od neispunjavanja obveza tako da u razdoblju trajanja ugovora o razmjeni ili do pojave kreditnog događaja vrši plaćanja prodavatelju CDS-a.
The credit quality is typically manifested in a combination of some, if not all, of the following characteristics of the business and financial profile.
Prvenstveno se trebaju upotrebljavati krivulje CDS-a za dužnika, a ako nisu dostupne, mogu se upotrijebiti one povezanih subjekata.
moderately good to moderate cash and income generation
Referentne vrijednosti kredita
moderately good to moderate liquidity levels
Primarne referentne vrijednosti kredita (tj. određivanje cijene pri izdavanju) ili sekundarne referentne vrijednosti kredita (tj. trenutačni prinos kredita koji očekuje financijska institucija koja kredit otkupljuje od druge financijske institucije).
moderately low to moderate leverage
Za izračun sveukupnog prinosa trebaju biti poznate sve pristojbe koje se odnose na primarne referentne vrijednosti kredita.
moderate business profile with proven management abilities
Ako se koriste referentne vrijednosti kredita, prvenstveno se trebaju koristiti one za dužnika, a ako nisu dostupne, mogu se upotrijebiti one povezanih subjekata.
The entity is also characterised by an adequate quality of financial and ownership disclosure, unless there is a very high likelihood of support from a parent (or sovereign) with a buyer risk classification that is equal to or better than what corresponds to this buyer risk category.
Referentne krivulje tržišta
Depending on the classification of the country in which the obligor/guarantor is domiciled, it is likely that an obligor/guarantor classified in buyer risk category CC3 would be rated between BBB+ (Country Category 1) and B- or worse (Country Category 6) by accredited CRAs.
Referentne krivulje tržišta odražavaju kreditni rizik cijelog sektora ili razreda kupaca.
Moderately Weak Credit Quality, Below Average (CC4)
Te tržišne informacije mogu biti bitne u slučajevima kad nisu dostupne specifične informacije.
The risk of payment interruption is expected to be moderately weak.
Općenito, kvaliteta informacija koje su svojstvene tim tržištima ovisi o likvidnosti tržišta.
The obligor/guarantor has a moderate to moderately weak capacity for repayment.
U svakom slučaju, potrebno je težiti tržišnim instrumentima koji omogućuju najveću podudarnost sa značajkama ugovora agencije za izvozne kredite, primjerice datumom, kreditnim rejtingom, dospijećem i denominacijom valute.
moderate to moderately weak cash and income generation
PRILOG XI.
moderate to moderately weak liquidity levels
KRITERIJI I UVJETI KOJIMA SE UREĐUJE PRIMJENA GARANCIJE OTPLATE OD TREĆE STRANE I RAZVRSTAVANJE MULTILATERALNIH ILI REGIONALNIH INSTITUCIJA
moderate to moderately high leverage
U Prilogu se utvrđuju kriteriji i uvjeti kojima se uređuje primjena garancije otplate od treće strane, uključujući garanciju otplate razvrstane multilateralne ili regionalne institucije u skladu s člankom 24. točkom (e) Sporazuma.
moderately weak business profile with limited track record of management abilities
U Prilogu se utvrđuju i kriteriji za ocjenu multilateralnih i regionalnih organizacija kada se utvrđuje treba li se institucija razvrstati u skladu s člankom 28.
Depending on the classification of the country in which the obligor/guarantor is domiciled, it is likely that an obligor/guarantor classified in buyer risk category CC4 would be rated between BB+ (Country Category 1) and B- or worse (Country Category 5) by accredited CRAs.
Sporazuma.
Weak Credit Quality (CC5)
PRIMJENA
The risk of payment interruption is expected to be high to very high.
Slučaj 1.: Garancija za ukupni iznos rizika
The obligor/guarantor has a moderately weak to weak capacity for repayment.
Ako osiguranje u obliku garancije otplate subjekt osigura za ukupan iznos rizika (odnosno glavnicu i kamate), mogu se primijeniti razvrstavanje rizika zemlje i kategorija rizika kupca koji se odnose na jamca ako su ispunjeni sljedeći kriteriji:
The obligor/guarantor currently has the capacity to meet repayments but a limited margin of safety remains.
garancija pokriva cijelo trajanje kredita
However, there is a likelihood of developing payment problems as the capacity for continued payment is contingent upon a sustained, favourable business and economic environment.
garancija je neopoziva, bezuvjetna i dostupna na zahtjev
Adverse business, financial, or economic conditions will likely impair capacity or willingness to repay.
garancija je pravno valjana i može se provesti u nadležnosti zemlje jamca
moderately weak to weak to very weak cash and income generation
jamac je kreditno sposoban u odnosu na veličinu zajamčenog duga
moderately weak to weak liquidity levels
za jamca vrijede monetarni nadzor i propisi o transferu zemlje u kojoj se nalazi.
moderately high to high leverage
Za razvrstane multilateralne ili regionalne institucije koje djeluju kao jamci primjenjuju se sljedeći kriteriji:
weak business profile with limited or no track record of management abilities
jamac je pravno obvezan za cijeli iznos kredita
The entity is also characterised by a poor quality of financial and ownership disclosure, unless there is a very high likelihood of support from a parent (or sovereign) with a buyer risk classification that is equal to or better than what corresponds to this buyer risk category.
otplate se uplaćuju izravno vjerovniku.
Depending on the classification of the country in which the obligor/guarantor is domiciled, it is likely that an obligor/guarantor classified in buyer risk category CC5 would be rated between BB- (Country Category 1) and B- or worse (Country Category 4) by accredited CRAs.
Ako je jamac ovisno društvo/vladajuće društvo zajamčenog subjekta, sudionice, za svaki slučaj zasebno, odlučuju o sljedećem: 1. pri razmatranju odnosa između ovisnog društva/vladajućeg društva i stupnja pravne obveze vladajućeg društva, je li ovisno društvo/vladajuće društvo pravno i financijski nezavisno i može li ispuniti svoje obveze plaćanja 2. utječu li na ovisno društvo/matično društvo lokalni događaji/propisi ili uplitanje države i 3. bi li se sjedište u slučaju neplaćanja smatralo odgovornim.
Most typically this would be a risk on the central bank or Ministry of Finance.
Slučaj 2.: Garancija ograničena na iznos
For central government entities other than the finance ministry, due diligence shall be undertaken to affirm that the entity commits the full faith and credit of the sovereign.
Ako osiguranje u obliku garancije otplate subjekt osigura za ograničeni iznos rizika (tj. glavnice i kamata), mogu se primijeniti razvrstavanje rizika zemlje i kategorija rizika kupca koji se odnose na jamca za dio kredita obuhvaćen garancijom, uz uvjet da su ispunjeni svi ostali kriteriji navedeni u okviru Slučaja 1.
ANNEX XIII
Za dio koji nije obuhvaćen garancijom primjenjuju se razvrstavanje rizika zemlje i kategorija rizika kupca koji se odnose na dužnika.
CRITERIA AND CONDITIONS GOVERNING THE APPLICATION OF COUNTRY RISK MITIGATION TECHNIQUES AND BUYER RISK CREDIT ENHANCEMENTS
Razvrstavanje multilateralnih ili regionalnih institucija
This Annex provides detail on the use of country risk mitigation techniques listed in Article 30(a) of the Arrangement and the buyer risk credit enhancements listed in Article 31(a) of the Arrangement; this includes the criteria, conditions and specific circumstances which apply to their use as well as the impact on the MPRs.
Multilateralne ili regionalne institucije prihvatljive su za razvrstavanje ako je institucija općenito izuzeta od monetarnog nadzora i propisa o transferu u zemlji u kojoj se nalazi.
Definition:
Takve institucije razvrstavaju se u kategorije rizika zemlje od 0 do 7, za svaki slučaj zasebno, u skladu s ocjenom rizika svakog zasebnog primjera te uzimajući u obzir:
A written document, such as a deed or a release or trustee arrangement, sealed and delivered to a third party, i.e. a person not party to the instrument, to be held by such third party until the fulfilment of certain conditions and then to be delivered by him to the other party to take effect.
je li institucija zakonski i financijski nezavisna
If the following criteria are satisfied subject to consideration of the additional factors listed, this technique can reduce or eliminate the transfer risks, mainly in the higher risk country categories.
imaju li sva sredstva institucije imunitet od nacionalizacije ili zapljene
Criteria:
ima li institucija potpunu slobodu prijenosa i konverzije sredstava
The escrow account is related to a foreign exchange-earning project and the flows into the escrow account are generated by the project itself and/or by other offshore export receivables.
podliježe li institucija intervenciji države u kojoj se nalazi
The escrow account is held offshore, i.e. located outside of the country of the project where there are very limited, transfer or other country risks (i.e. in a High Income OECD country or High Income Euro Area country).
ima li institucija imunitet od oporezivanja i
The escrow account is located in a first class bank which is not directly or indirectly controlled by interests of the obligor or by the country of the obligor.
jesu li sve njezine države članice obvezne osigurati dodatni kapital da bi se ispunile obveze institucije.
The funding of the account is secured through long-term or other appropriate contracts.
Ocjena bi također trebala uzeti u obzir evidenciju plaćanja u prošlosti u slučajevima neispunjavanja obveze kreditnih rizika zemlje bilo u zemlji u kojoj se nalazi ili u zemlji dužnika i sve ostale čimbenike koji su primjereni za proces ocjenjivanja.
The combination of the sources of revenues (i.e. generated by the project itself and/or the other sources) of the obligor flowing through the account are in hard currency and can reasonably be expected to be collectively sufficient for the service of the debt for the entire duration of the credit, and come from one or more creditworthy foreign customers located in better risk countries than the country in which the project is located (i.e. normally High Income OECD countries or High Income Euro Area countries).
Popis razvrstanih multilateralnih i regionalnih institucija nije konačan i sudionica može predložiti instituciju za preispitivanje u skladu s prethodno navedenim razmatranjima.
The obligor irrevocably instructs the foreign customers to pay directly into the account (i.e. the payments are not forwarded through an account controlled by the obligor or through its country).
Sudionice su obvezne objaviti razvrstavanje multilateralnih i regionalnih institucija.
The funds which have to be kept within the account are equal to at least six months of debt service.
PRILOG XII.
Where flexible repayment terms are being applied under a project finance structure, an amount equivalent to the actual six months debt service under such flexible terms are to be kept within the account; this amount may vary over time depending on the debt service profile.
KVALITATIVNI OPISI KATEGORIJA RIZIKA KUPCA
The obligor has restricted access to the account (i.e. only after payment of the debt service under the credit).
Rizik manji od rizika države (SOV+)
The revenues deposited in the account are assigned to the lender as direct beneficiary, for the entire life of the credit.
Riječ je o izuzetnoj kategoriji razvrstavanja.
The opening of the account has received all the necessary legal authorisations from the local and any other appropriate authorities.
Subjekt razvrstan u ovu kategoriju ima izuzetno dobar kreditni profil na temelju kojeg se može očekivati da će u razdoblju poteškoća ili čak neispunjavanja obveza povezanih s plaćanjem državnog duga izvršiti svoje obveze plaćanja.