ou are reviewing a publication of Moodys Investors Service entitled Moodys Approach to Rating Regional and Local Governments in Latin America, published in August 1997. On page 3 of the publication, the following was written: A Moodys credit rating is an independent opinion of the relative ability and willingness of an issuer of fixed income securities to make full and timely payments of amounts due on the security over its life. Why in the case of a sovereign entity is the willingness of an issuer to pay important