Moody's Investors Service placed a number of Latin American structured finance transaction on review for an upgrade following the agency's implementation of a new methodology for rating government-related issuers (GRIs). The approach has already led to the corporate upgrades of two Latin American issuers, Companhia Vale do Rio Doce (CVRD) and Petroleo Brasileiro (Petrobras), which have future-flow and political risk insurance deals outstanding. It has also put into relief differences between Moody's approach and that of its competitors.

"Our ratings try to be opinions of relative credit risk and we hold as an objective the comparability in meaning of a rating across sectors and regions," said Jerome Fons, managing director of credit policy at Moody's.

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