Martin Kettle (Comment, 16 December) cast aspersions upon Moody’s lead analyst over our recent action placing Spain’s credit rating on review. While a lead analyst plays an important role, no individual determines a rating. Ratings are decided by a committee with in-depth knowledge of the rated debt.

In our announcement, we identified three clear and compelling reasons for placing Spain’s debt on review: the country’s refinancing needs; a potential increase in the public debt ratio; and the limits of central government control over regional government finances. We have a responsibility to provide independent, objective and transparent opinions on these matters. Moody’s sovereign ratings have proven consistent with real levels of sovereign defaults. Over the past three decades, the lowest-rated sovereign issuers have accounted for 100% of defaults. There have been no defaults among sovereigns rated single-A or above by Moody’s.

Thomas Keller

Moody’s

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