...This report presents Fitch Ratings' master criteria for assigning credit ratings to revenue-supported obligations and entities in the public finance sector. Public finance borrowers that issue revenue- supported debt represent an extremely diverse set of organizations that include municipal enterprises, educational and cultural institutions, nonprofit hospitals, housing authorities and cooperative utilities. This report discusses the key qualitative and quantitative factors that influence a borrower's expected ability to meet financial obligations in full and on schedule. The criteria are organized into four broad categories of analytical focus: governance and management; operational profile; debt profile and financial profile. The degree to which certain credit factors are emphasized especially nonfinancial factors will vary depending on the levels of credit stability and competitiveness observed within the sector and for individual borrowers. Moreover, while the report describes Fitch's...
