2. Sovereign Credit Ratings Criteria. The evaluation of credit risk and all other relevant risks associated with the multitude of borrowers on world debt mar- kets requires a structured approach to international risk assessment. Check both Standard & Poor's and Moody's criteria described in depth on their Web pages to differentiate the various risks (local cur- rency risk, default risk, currency risk, transfer risk, and so on) with major sovereign ratings worldwide. Standard & Poor's Moodys www.ratings.com/ www.moodys.com/