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Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM

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Page 1: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 2: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 3: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 4: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 5: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 6: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 7: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 8: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 9: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 10: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 11: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 12: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 13: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 14: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 15: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 16: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 17: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 18: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 19: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 20: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 21: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 22: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 23: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 24: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 25: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 26: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 27: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 28: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 29: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 30: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
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Page 33: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 34: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 35: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 36: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 37: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 38: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 39: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 40: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 41: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
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Page 51: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
Page 52: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
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Page 55: Sovereign Credit Ratings Methodology: An … · Sovereign Credit Ratings Methodology: An Evaluation - WP/02/170 Created Date: 10/16/2002 6:58:22 PM
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