FGV and GEFIN hold seminar on credit risk assessment of states and municipalities

11 September 2013

Today, the majority of Brazilian states and municipalities that take credit from national and international financial institutions or issue securities on the market have the guarantee of the National Treasury. However, if well regulated, the more independent access to the market, without the guarantee of the federal government ? which already occurs in several countries ?, could be a stimulus to an improvement of the fiscal and financial governance of states and municipalities.

With the purpose of discussing this new financial life, Fundação Getulio Vargas' Brazilian Institute of Economics (FGV/IBRE), in partnership with the Group of State Finances Managers (GEFIN, of Confaz), will hold the seminar State and municipal governments' credit risk assessment, on September 12 and 13. It is an event focused on the future, on the day-after, post National Treasury, post debt rollover, post Fiscal Responsibility Law, points out José Roberto Afonso, one of the organizers of the seminar and IBRE's associate researcher.

On the occasion, three views of state and municipalities credit risk assessment will be presented: the assessors' (Rating agencies: Moody's, Standard & Poor's and Fitch Ratings); the creditors' (public and private banks and institutions: BNDES, Itaú, BID, BIRD and TCU) and the debtors' (state and municipal governments, Treasury departments: states of RJ, ES, RS, GO). Each borrower will be assessed and will take a loan with differentiated interest rates, bank spreads and terms according to debt capacity and payment. At first, the most disciplined would be rewarded, pay less interests and be granted more extensive terms, adds Afonso.

The event also counts with the participation of senator Lindbergh Farias as moderator of the round table.

Registrations are already closed, but those interested can watch the live seminar through IBRE's portal (in Portuguese).

The seminar entitled State and municipal governments' credit risk assessment will happen in FGV's auditorium at the address Rua da Candelária, 6, Centro, Rio de Janeiro.

Click below and check out the complete program.  (Available only in Portuguese)


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