National scale ratings are local relativities of creditworthiness, and therefore there is no lineal relationship between international scale and national ratings.
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Given the need to consider relativities across the portfolio, we were not able to apply the updated criteria in isolation in this individual country review.
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National-scale ratings are local relativities of creditworthiness and, therefore, could potentially change depending on how BICSA's IDRs compare to other rated entities in Panama.
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Fitch's expectation is that the relativities of GFNorte and Banorte's VR/IDRs versus the sovereign rating will be maintained in the event of a potential sovereign downgrade.
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NATIONAL RATINGS Since Banorte's National ratings are local relative rankings of creditworthiness within a particular jurisdiction, Fitch does not expect these relativities to change in the event of a moderate downgrade in the sovereign rating.
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However, the Negative Outlook of the LT National rating reflects that there could potentially be changes in the local relativities that, in turn, could lead to a downgrade of the National ratings, if the sovereign ratings are downgraded.
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However, the Negative Outlook of the long-term National rating reflects that there could potentially be changes in the local relativities that, in turn, could lead to a downgrade of the National ratings, if the sovereign ratings are downgraded.
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Moving STLC issue ratings such as treasury bills to the proposed new STLC 'F21176+' scale from the Long-term local currency (LTLC) scale would affect rated issuances for an estimated 203 countries, although we do not envisage any changes in rating relativities from this transition.
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Any downgrade to GFNorte's non-banking subsidiaries' (AyF Banorte, Casa de Bolsa Banorte-Ixe and Almacenadora Banorte) national ratings would be driven by a potential downgrade of the respective Banorte's ratings, and considering the relativities of the latter as compared to Mexico's sovereign rating.
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Adamson and the CBI accepted, although not without reservation, the Government's proposal for an inquiry by a Pay Relativities Board into comparisons between pay for miners and for other workers,Malcolm Brown, "Employers to back relativities board", The Times, 5 February 1974, p. 1. although the confederation decided against submitting evidence.Malcolm Brown, "CBI decides not to give evidence on pit pay relativities", The Times, 21 February 1974, p. 17.
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In all aspects, anthropological inquiry usually uncovers the different variations and relativities that underlie the usage of language.
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Houndmills: Palgrave Macmillan, 2003. Alfredo Saad-Filho, The value of Marx: political economy for contemporary capitalism. London: Routledge, 2002; Ajit Sinha, Theories of Value from Adam Smith to Piero Sraffa. London: Routledge, 2010; Gerard Dumenil & Dominique Levy online archive Underlying this debate are difficult conceptual questions about how the causal relationships in the economy between price relativities and time worked should be understood.
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If there is too much uncertainty about whether their fixed investment will pay off, they are unlikely to engage in it. In recent decades, the growth rate of fixed investment in the US, Europe and Japan was relatively low, but in China for example it is relatively high. Often the relativities are expressed as a ratio between gross fixed capital formation and GDP, or fixed investment per worker employed or per capita.
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It is a full employment steady state JG level, which is dependent on a range of factors including the path of the economy. There is an issue about the validity of an unchanging nominal anchor in an inflationary environment. The JG wage would be adjusted in line with productivity growth to avoid changing real relativities. Its viability as a nominal anchor relies on the fiscal authorities reining in any private wage-price pressures.
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On 31 March 2016, the Commission received a reference to inquire into and report by 7 April 2016 on the per capita relativities to be used to distribute GST revenue among the states and the territories in 2016-17. Every five years, the Commission undertakes a review of the methodology underlying the Commission’s advice to the government on the relative fiscal capacity of each state and territory. The last reference was given on 29 November 2016 and the review was completed in March 2020.2020 Review - Terms of Reference The purpose of reviews is to determine the most appropriate methods and data for measuring the relative fiscal capacity of states and territories.
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