Epstein Secrets

Deficit 2009 ment Rate YIY (pps) Tunisia Ethiopia Colombia Cyprus Poland Spain Kenya Norway Ghana Bolivia Sweden Brazil Switzerland Latvia Malawi Malaysia Denmark Gabon Finland Turkey Czech Republic Slovenia Slovakia Croatia Australia 3 BS fe coocooecees Ce eee eC HFN OC HB ON | OO f& 68 47 43 45 46

quire fiscal adjustments of a magnitude that, in some cases, will test social cohesion. ' - Pierre Cailleteau Managing Director of Sovereign Risk at Moody’s, 3/16/2010 .../f there are not offsetting measures to reverse the deterioration in negative fundamentals in the U.S., the likelihood of a negative o

urce: Investment Strategy Group, Emerging Advisors Group, Goldman Sachs Global Investment Research. both China and the US, such as Korea, Taiwan and Malaysia, would be particularly vulnerable. While the net effect of these competing forces is positive in our base case, the risks are tilted to the downside

but has also helped municipal finances. Ratings trends have improved as a result of both stable revenue and spending discipline, with upgrades in the Moody’s universe seeing a notable uptick in last year’s third quarter (see Exhibit 84). Of course, underfunded long-term pension liabilities remain a source

the period starting from 2003/2004 respectively. Moody’s has thus in the past preserved Saudi Arabia’s inv

versification drive introduced by the NTP follows the typical macro template, in our view. We discuss in a later section diversification lessons from Malaysia and Norway and conclude that the NTP contains elements from these successful case studies. In particular, it a) identifies key sectors with relativel

and Thailand; the other is a victim of government intervention, as in Korea and China. The two worlds can coexist in the same country, for example in Malaysia where independent power producers enjoy solid power purchase agreements while utility Tenaga, which is a large employer and which faces the consumer

key drivers that might cause a deterioration or improvement in a utility company’s business model against forward-looking credit rating agency (S&P, Moody’s, etc.) ratios. 24 Electron Capital Partners, LLC HOUSE_OVERSIGHT_024225 --- PAGE BREAK --- Global Utility White Paper CONFIDENTIAL Appendix 2: G