National Credit Reporting System [Open!]

[The United States of Ibica]

The National Credit Reporting System is the international watchdog for sovereign debt. We are a division of the privately owned Bank of Ibica, and are the only credit rating agency that is recognized by the Ibican government as an accredited as a National Statistical Rating Organization. NCR provides unbiased ratings of sovereign debt held in bonds issued by national governments, which serves to advise investors of which bonds are safe versus riskier investments. NCR can also offer advisement to countries that have defaulted on their debts, or those at risk of doing so, to help prioritize repayment of their debts to protect their sovereign rating

These services are offered not only to recognized national governments, but also super- and subnational entities that issue their own bonds. Rating and advisement for subnational entities will only be offered with the consent of the respective national government.

NCR has been providing credit ratings for the Ibican federal government and state governments for years, but now seeks to expand to the other nations, with the banking division of the Bank of Ibica also expanding internationally.

[The United States of Ibica]

Credit Scale

• AA Borrower has strong ability to meet obligations, rating likely to remain stable.
  
• A Borrower has strong ability to meet obligations, the stability of this rating is less certain.
  
• BB Borrower has ability to meet obligations, but adverse economic circumstances could quickly lead to uncertainty
  
• B Borrower has ability to meet short term obligations, but is very vulnerable to adverse economic circumstances
  
• CC Borrower has ability to meet short term obligations, but may default on long term committments
  
• C Borrower is at risk to default on short term obligations
  
• PD Borrower has defaulted on some obligations, but still has ability to meet others
  
• D Borrower has defaulted on all, or nearly all obligations

[The United States of Ibica]

Listings

• The United States of Ibica - AA
  • State of Albion - AA
  • State of Angola - AA
  • State of Calahan - AA
  • State of Cartier - AA
  • State of East Monroe - B
  • Territory of Edward Island - BB
  • State of Hamilton - A
  • Territory of Haviland - A
  • State of Ochoa - A
  • State of Panamor - A
  • State of Petra - AA
  • State of Romane - CC
  • State of West Monroe - AA
• New Transeurasia - AA
• Thermodolia - AA
• The Merona Republic - A
• Ko-oren - BB
• Nihan - C

[The United States of Ibica]

Advisories

From time to time, NCR may release Credit Advisories if we believe that a rating may change in the near future. This may be either a positive or negative thing. This advisories do not guarantee that such a change may occur.

Current Advisories:

• State of Romane - There is much uncertainty surrounding the state's government as the governor has just resigned under mysterious circumstances. The state was already vulnerable to default, but the new administration's policies may make or break the state financially.
• Ko-oren - The growth of Ko-oren's economy leads to our belief that they may see a credit rating upgrade within the decade, supposing this growth remains stable.

[The United States of Ibica]

Applications

Want to see your government listed? Want to dispute your rating? Fill out one of the forms below and NCR with review your financial position.

Initial Listing:

Code: Select all

[box][align=center][b]Application for Rating[/b][/align]
[b]Name of Entity:[/b]
[b]Type of Entity:[/b] (National/subnational/supranational)
[b]Amount of Bonds Outstanding:[/b] (in NSD)
[b]Other Outstanding Debts:[/b]
[b]Government Surplus/Deficit:[/b] (before bond payments)
[b]GDP:[/b]
[b]Primary Debt Holder:[/b] (domestic/international individuals/corporations/government agencies)
[b]Sovereign or other Wealth Fund:[/b]
[b]Any other Circumstances that may affect ability to repay:[/b] (positive or negative)[/box]

Dispute:

Code: Select all

[box][align=center][b]Rating Dispute[/b][/align]
[b]Name of Entity:[/b]
[b]Type of Entity:[/b] (National/subnational/supranational)
[b]Reasons for Dispute:[/b] (positive or negative)[/box]

[Ko-oren]

Application for Rating

Name of Entity: Ko-oren
Type of Entity: National
Amount of Bonds Outstanding: Around 400 billion (around 25% of national GDP)
Government Surplus/Deficit: Surplus of several tens of billions (<1% to 1% of the national GDP)
Primary Debt Holder: domestic corporations, domestic individuals, government agencies. A tiny amount is held by foreign entities.
Any other Circumstances that may affect ability to repay: Ko-oren's economy is steadily growing - not rapidly, but at stable rates. This growth is expected to last for the next decade at least. Furthermore, the country has a stable political system and lies in a stable region.

OOC: I don't know how government bonds and spending work 100%. I'd say Ko-oren is a well-planned, financially responsible economy, which was never large but the government is trying to get the standard of living up through economic growth. In the education and life expectancy parts of HDI, Ko-oren is doing very well, but in the GDP per capita area, not so much. I don't expect Ko-oren to be AA or even A - but not very poor either.

[The United States of Ibica]

Application for Rating

Name of Entity: Ko-oren
Type of Entity: National
Amount of Bonds Outstanding: Around 400 billion (around 25% of national GDP)
Government Surplus/Deficit: Surplus of several tens of billions (<1% to 1% of the national GDP)
Primary Debt Holder: domestic corporations, domestic individuals, government agencies. A tiny amount is held by foreign entities.
Any other Circumstances that may affect ability to repay: Ko-oren's economy is steadily growing - not rapidly, but at stable rates. This growth is expected to last for the next decade at least. Furthermore, the country has a stable political system and lies in a stable region.

OOC: I don't know how government bonds and spending work 100%. I'd say Ko-oren is a well-planned, financially responsible economy, which was never large but the government is trying to get the standard of living up through economic growth. In the education and life expectancy parts of HDI, Ko-oren is doing very well, but in the GDP per capita area, not so much. I don't expect Ko-oren to be AA or even A - but not very poor either.

The NCR has reviewed the financial position of Ko-oren, and has assessed a BB rating. We find the government surplus to be adequate to meet debt obligations and believe that economic growth lends itself to financial stability. However, as it stands, we find the economic situation to be vulnerable to adverse circumstances that may come about. Along with the BB rating, we will also be issuing a Positive Advisory. We believe that the economic situation in Ko-oren will continue to improve, and that a credit upgrade to A could be achieved within the decade.

[Thermodolia]

Application for Rating

Name of Entity: The National Republic of Thermodolia
Type of Entity: National
Amount of Bonds Outstanding: 5 Trillion (1.4% of the GDP: Nominal)
Government Surplus/Deficit: 2.5 Trillion Surplus (0.7% of the GDP: Nominal)
Primary Debt Holder: Federal Agencies, Thermodolian Citizens, Thermodolian Corporations. Foreign governments/individuals are only allowed to hold a total of 5% of the total debt.
Any other Circumstances that may affect ability to repay: Thermodolia is not entangled in many foreign issues and regularly holds the gold and other securities of many different nations due to its high stability. Thermodolia also has large reserves of natural resources from gold to uranium to copper

[The United States of Ibica]

Application for Rating

Name of Entity: The National Republic of Thermodolia
Type of Entity: National
Amount of Bonds Outstanding: 5 Trillion (1.4% of the GDP: Nominal)
Government Surplus/Deficit: 2.5 Trillion Surplus (0.7% of the GDP: Nominal)
Primary Debt Holder: Federal Agencies, Thermodolian Citizens, Thermodolian Corporations. Foreign governments/individuals are only allowed to hold a total of 5% of the total debt.
Any other Circumstances that may affect ability to repay: Thermodolia is not entangled in many foreign issues and regularly holds the gold and other securities of many different nations due to its high stability. Thermodolia also has large reserves of natural resources from gold to uranium to copper

The NCR has reviewed the financial position of Thermodolia, and has assessed an AA rating. We find the government surplus to allow for a strong ability to meet debt obligations and believe that economic growth lends itself to financial stability.

[Ko-oren]

The NCR has reviewed the financial position of Ko-oren, and has assessed a BB rating. We find the government surplus to be adequate to meet debt obligations and believe that economic growth lends itself to financial stability. However, as it stands, we find the economic situation to be vulnerable to adverse circumstances that may come about. Along with the BB rating, we will also be issuing a Positive Advisory. We believe that the economic situation in Ko-oren will continue to improve, and that a credit upgrade to A could be achieved within the decade.

Thank you for taking the time to appraise the state of our economy. We are well aware that there are many steps yet to be taken, but it is reassuring to know that a renowned financial institution agrees with our current actions. Our policies are aimed at keeping this growth stable - slow and stable rather than fast and volatile - while careful to protect the fragile system we are building. To combat any adverse circumstances, the Ko-orenite government keeps balancing its choices to make sure that everyone can get something out of this: a fair and sustainable economy.

From the office of Robert Bawden, Minister of Finance

[The Merona Republic]

Application for Rating

Name of Entity: The Merona Republic
Type of Entity: National Government
Amount of Bonds Outstanding: $2,450,000,000
Other Outstanding Debts: $700,000,000
Government Surplus/Deficit: Surplus of $600,000,000
GDP: $128,300,000,000
Primary Debt Holder: Domestic and International Corporations
Sovereign or other Wealth Fund: Sovereign Wealth Fund worth currently $1,200,000,000
Any other Circumstances that may affect ability to repay: Merona is seeing consistent economic growth of around 3% annually. However, our economy is very closely tied with The United States of Ibica's

[New Transeurasia]

Application for Rating

Name of Entity: The Democratic Federation of New Transeurasia
Type of Entity: national
Amount of Bonds Outstanding: NSD 876,309,480,000 (0.70432% of nominal GDP)
Other Outstanding Debts: NSD 48,393,020,000
Government Surplus/Deficit: Surplus NSD 367,330,000,000
GDP: NSD 124,420,000,000,000 (nominal)
Primary Debt Holder: Domestic corporations and domestic government agencies
Sovereign or other Wealth Fund: New Transeurasian Government Investment Fund - NSD 1,410,200,000,000
Any other Circumstances that may affect ability to repay: New Transeurasia's economy has been growing steadily at a rate of around 3-4% every year since the 1990s and this growth is expected to last until at least the 2070s if NT's government remains as stable as it is now. With the end of the Second American Civil War(The latest war NT has been in) 3 years ago in 2029, NT's provinces in North America have economies that are likely to recover quickly.

[Creatan]

Application for Rating

Name of Entity:Creatan
Type of Entity:National
Amount of Bonds Outstanding:21,000,000,000 NSD (~10% GDP)
Other Outstanding Debts:600,000,000 NSD (~.2% of GDP)
Government Surplus/Deficit: 134,600,000,000 NSD
GDP:204,000,000,000
Primary Debt Holder: National Bank of Creatan (about 75%) Other 25% is owed to friends and neighbors in our region
Any other Circumstances that may affect ability to repay:We are a fledgling nation looking to build up and prosper. We are not currently entangled with any military or otherwise foregin operations. We are eager, but small.

[The United States of Ibica]

Application for Rating

Name of Entity: The Merona Republic
Type of Entity: National Government
Amount of Bonds Outstanding: $2,450,000,000
Other Outstanding Debts: $700,000,000
Government Surplus/Deficit: Surplus of $600,000,000
GDP: $128,300,000,000
Primary Debt Holder: Domestic and International Corporations
Sovereign or other Wealth Fund: Sovereign Wealth Fund worth currently $1,200,000,000
Any other Circumstances that may affect ability to repay: Merona is seeing consistent economic growth of around 3% annually. However, our economy is very closely tied with The United States of Ibica's

The NCR has reviewed the financial position of Meroa, and has assessed an A rating. We find the government surplus to allow for a strong ability to meet debt obligations and believe that economic growth lends itself to financial stability, however the economic dependence on one single nation lends to vulnerability. Should the economy become less dependant, you would certainly see an upgrade to AA.

[The United States of Ibica]

Application for Rating

Name of Entity: The Democratic Federation of New Transeurasia
Type of Entity: national
Amount of Bonds Outstanding: NSD 876,309,480,000 (0.70432% of nominal GDP)
Other Outstanding Debts: NSD 48,393,020,000
Government Surplus/Deficit: Surplus NSD 367,330,000,000
GDP: NSD 124,420,000,000,000 (nominal)
Primary Debt Holder: Domestic corporations and domestic government agencies
Sovereign or other Wealth Fund: New Transeurasian Government Investment Fund - NSD 1,410,200,000,000
Any other Circumstances that may affect ability to repay: New Transeurasia's economy has been growing steadily at a rate of around 3-4% every year since the 1990s and this growth is expected to last until at least the 2070s if NT's government remains as stable as it is now. With the end of the Second American Civil War(The latest war NT has been in) 3 years ago in 2029, NT's provinces in North America have economies that are likely to recover quickly.

The NCR has reviewed the financial position of New Transeurasia, and has assessed an AA rating. We find the government surplus to allow for a strong ability to meet debt obligations and believe that economic growth lends itself to financial stability.

[The United States of Ibica]

Application for Rating

Name of Entity:Creatan
Type of Entity:National
Amount of Bonds Outstanding:21,000,000,000 NSD (~10% GDP)
Other Outstanding Debts:600,000,000 NSD (~.2% of GDP)
Government Surplus/Deficit: 134,600,000,000 NSD
GDP:204,000,000,000
Primary Debt Holder: National Bank of Creatan (about 75%) Other 25% is owed to friends and neighbors in our region
Any other Circumstances that may affect ability to repay:We are a fledgling nation looking to build up and prosper. We are not currently entangled with any military or otherwise foregin operations. We are eager, but small.

The NCR has reviewed the financial position of Creatan, and has assessed a B rating. We are concerned about the GDP to Surplus ratio, but find it more than adequate to meet debt obligations.

[Creatan]

The NCR has reviewed the financial position of Creatan, and has assessed a B rating. We are concerned about the GDP to Surplus ratio, but find it more than adequate to meet debt obligations.

The Commonwealth of Creatan is grateful to our friends in Ibica for their generosity. We look forward to a mutually beneficial economic relationship with them.

[Nihan]

Application for Rating

Name of Entity: Nihan
Type of Entity: National
Amount of Bonds Outstanding: NSD 551,780,000,000
Other Outstanding Debts: NSD 840,000,000,000
Government Surplus/Deficit: NSD 150,510,000,000
GDP: NSD 1,250,000,000,000
Primary Debt Holder: domestic/international individuals
Sovereign or other Wealth Fund: NSD 293,620,000
Any other Circumstances that may affect ability to repay: (positive or negative)

none

[The United States of Ibica]

Application for Rating

Name of Entity: Nihan
Type of Entity: National
Amount of Bonds Outstanding: NSD 551,780,000,000
Other Outstanding Debts: NSD 840,000,000,000
Government Surplus/Deficit: NSD 150,510,000,000
GDP: NSD 1,250,000,000,000
Primary Debt Holder: domestic/international individuals
Sovereign or other Wealth Fund: NSD 293,620,000
Any other Circumstances that may affect ability to repay: (positive or negative)

none

The NCR has reviewed the financial position of Nihan, and has assessed a C rating. We are concerned about the fact that the national debt (NSD 1.4 trillion) has surpassed GDP (NSD 1.25 trillion). We believe that default on debts, especially in the long term, is eminent.

[Verapaz]

Application for Rating

Name of Entity: República del Verapàz
Type of Entity: Nation [government]
Amount of Bonds Outstanding: $1.22 billion
Other Outstanding Debts: $3.589 billion
Government Surplus/Deficit: Surplus
GDP: $38,761,488,113.40 ; $6,469.43(Per Capita)
Primary Debt Holder: International Goverments/Corporations/Indivisuals
Sovereign or other Wealth Fund: $14.257 billion
Any other Circumstances that may affect ability to repay: Stable growth for last 5 years; Increased Petrochemical exports.

[Zarnicovia nova]

Application for Rating

Name of Entity: zarnicovia nova
Type of Entity: nation (National/subnational/supranational)
Amount of Bonds Outstanding: around 49 billion (in NSD)
Other Outstanding Debts: around 47 billion
Government Surplus/Deficit: surplus of 4.5 million of this mounth (before bond payments)
GDP: 47.875 trillion
Primary Debt Holder: international individuals (domestic/international individuals/corporations/government agencies)
Sovereign or other Wealth Fund: the government of phastastan and GRAIL
Any other Circumstances that may affect ability to repay: just exiting a massive civil war but GDP already larger then before and almost all devastation gone (positive or negative)

[Kasrai]

Application for Rating

Name of Entity: The Commonwealth of the Kasrai
Type of Entity: National
Amount of Bonds Outstanding: 4.7 billion NSD
Other Outstanding Debts: 316.2 billion NSD
Government Surplus/Deficit: 244.1 million NSD surplus before bond payments
GDP: 145.5 billion NSD
Primary Debt Holder: Most debt held by the Common Exchange Bank at Kasr Niesadach (36%), domestic corporations (21%), and Kasrai citizens (11%). Foreign-held debt currently amounts to 12% of total debt held by the Kasrai.
Sovereign or other Wealth Fund: Raw materials extraction rights and foreign investments currently valued at 12.9 billion NSD. These pay an average of 4.1% annually, though this can fluctuate due to conditions in the international market.
Any other Circumstances that may affect ability to repay: The Commonwealth of the Kasrai is still recovering from a secession war with the Democratic Republic of the Aurukai, which saw infrastructure and industry suffer as a result of Aurukai pillaging. With the conclusion of the war in their favor, the Kasrai are focusing on rebuilding their economy and restoring productivity and consumer confidence. Finance Minister Fransiske's current priorities involve investments in domestic food and beverage production for export, building up the funds necessary for later investments in more capital-intensive industrial sectors. Initial investments are showing promising returns, and the next phase of reconstruction should be ready within five years.

[Anagonia]

Application for Rating

Name of Entity:
Confederate States of Anagonia
Type of Entity: (National/subnational/supranational)
National
Amount of Bonds Outstanding: (in NSD)
$1,440,954,860,599.06
(debt held by the government for states; i.e. debt acquired by states through various loans and purchases that outweigh ability to pay at that time, instead given as bonds to be repaid over time. There are other specific entities who have acquired bonds as well, though they are insignificant compared to the bonds held by states.)
Other Outstanding Debts:
$5,224,825,000,000.90
(debt to be repaid to sovereign states; i.e. this is primarily the debt owed to the states from the government, either through borrowing or for purchases exceeding yearly ability. There are other reasons for this debt to accumulate, however the primary debtholders that the government owes are the states.)
Government Surplus/Deficit: (before bond payments)
$130,257,550,217,620.00+
(calculated through GDP minus government expenses equals what is left over, before bond payments)
GDP:
$1,190,545,870,217,620.00
Primary Debt Holder: (domestic/international individuals/corporations/government agencies)
Domestic
(states hold most of the debt to the government which pays the states back, and vice versa the states to the government in payment for services)
Sovereign or other Wealth Fund:
Sovereign
Any other Circumstances that may affect ability to repay: (positive or negative)
The Confederacy is an extremely devoluted entity that has interdependency on the cooperation between sovereign states and the central governing entity. States pay the central government for services and taxes for maintenance of services. When the central government lacks funds, it often times borrows from the state and repays them over time. Recently, the central government has sought international help for services instead of repeatedly acquiring debt to the states, though this process is extremely slow.

[The United States of Ibica]

Application for Rating

Name of Entity: The Commonwealth of the Kasrai
Type of Entity: National
Amount of Bonds Outstanding: 4.7 billion NSD
Other Outstanding Debts: 316.2 billion NSD
Government Surplus/Deficit: 244.1 million NSD surplus before bond payments
GDP: 145.5 billion NSD
Primary Debt Holder: Most debt held by the Common Exchange Bank at Kasr Niesadach (36%), domestic corporations (21%), and Kasrai citizens (11%). Foreign-held debt currently amounts to 12% of total debt held by the Kasrai.
Sovereign or other Wealth Fund: Raw materials extraction rights and foreign investments currently valued at 12.9 billion NSD. These pay an average of 4.1% annually, though this can fluctuate due to conditions in the international market.
Any other Circumstances that may affect ability to repay: The Commonwealth of the Kasrai is still recovering from a secession war with the Democratic Republic of the Aurukai, which saw infrastructure and industry suffer as a result of Aurukai pillaging. With the conclusion of the war in their favor, the Kasrai are focusing on rebuilding their economy and restoring productivity and consumer confidence. Finance Minister Fransiske's current priorities involve investments in domestic food and beverage production for export, building up the funds necessary for later investments in more capital-intensive industrial sectors. Initial investments are showing promising returns, and the next phase of reconstruction should be ready within five years.

The NCR has reviewed the financial position of Kasrai, and has assessed a C rating. We are concerned about the fact that the national debt (NSD 320.9 Billion) has surpassed GDP (NSD 145.5 billion). If the current surplus is maintained, we estimate it would take over 1300 years for the debt to be paid off. We believe that default on debts, especially in the long term, is eminent.

[The United States of Ibica]

Application for Rating

Name of Entity:
Confederate States of Anagonia
Type of Entity: (National/subnational/supranational)
National
Amount of Bonds Outstanding: (in NSD)
$1,440,954,860,599.06
Other Outstanding Debts:
$5,224,825,000,000.90 (debt to be repaid to sovereign states)
Government Surplus/Deficit: (before bond payments)
$1,215,028,677,570,790.00 +
GDP:
$44,245.61
Primary Debt Holder: (domestic/international individuals/corporations/government agencies)
Domestic (states hold most of the debt to the government which pays the states back, and vice versa the states to the government in payment for services)
Sovereign or other Wealth Fund:
Sovereign
Any other Circumstances that may affect ability to repay: (positive or negative)
The Confederacy is an extremely devoluted entity that has interdependency on the cooperation between sovereign states and the central governing entity. States pay the central government for services and taxes for maintenance of services. When the central government lacks funds, it often times borrows from the state and repays them over time. Recently, the central government has sought international help for services instead of repeatedly acquiring debt to the states, though this process is slow.

The NCR is reviewing the financial position of the Confederate States of Anagonia, however there appears to be a few issues in the request. It appears that GDP per capita was provided, rather than gross GDP, and there appears to be a typo in the government surplus section, as the amount listed is higher than the amount of money in existence. We trust these issues will be cleared up shortly. And as a side note, the company that sponsors the NCR, Bank of Ibica, offers unsecured loans to governmental entities, to help in your search for international debtholders.