Standard & Poor's has chronicled just 19 instances of defaults at the rated sub-sovereign government level since 1975.

- Corporate and sub-sovereign defaults have been heavily concentrated during the first two years of a crisis.

Once you have it, you can easily revive the “no bail-out” principle in respect of the remaining national sub-sovereign debt.

Its weakness is more sub-sovereign than sovereign.

France is economically a sub-sovereign zone.

It issues debt in markets on a sub-sovereign basis in order to fund caja capitalisations.

Exploring how guarantees can be expanded to sub-sovereign levels, that is, to states, provinces and municipalities is one promising area.

Sub-sovereign borrowers (private or public utilities at local, regional or national level) do not need sovereign guarantees (by the State).

First, it looks increasingly clear that sub-sovereign eurozone borrowers are in a different position from a sovereign country, such as the UK.

At end-2007, lending to banks accounted for 55% of total portfolio while 45% of the bank's financing was extended to sovereign or sub-sovereign entities.

Sub-sovereign ones, possibly.

Episodes of large-scale corporate and sub-sovereign defaults generally coincide with episodes of sovereign crises.

Sub-Sovereign Ratings List.

The freedom to borrow from markets under the Scotland Act makes for a slightly curious situation anyway - perhaps even a sub-sovereign white elephant in the making.

The Government Debt advisor is working on an initiative to develop a policy and regulatory framework governing sub-sovereign borrowing with both Entities.

Sales of assets were further plagued by low appetite in the markets for the sovereign and sub-sovereign assets that Dexia specialises in.

Sicily was one of 23 Italian sub-sovereign entities that saw their rating downgraded on Monday by the Moody's rating agency.

Unlike sub-sovereign entities in the US, Italy and Australia (to name a few), it has little flexibility over taxation and is unable to issue bonds.

Sub-sovereign government bonds, known in the U.S. as municipal bonds, represent the debt of state, provincial, territorial, municipal or other governmental units other than sovereign governments.

A study tour on sub-sovereign debt for Federation MPs, and municipal officials was conducted in June to raise issues concerning the municipal debt market and its regulation.

Sub-sovereign entities, such as US states or German Länder, cannot sustain the same debt-to-GDP ratios as sovereign countries because they lack the ability to print their own money.

It is not surprising that episodes of domestic private sector and sub-sovereign defaults largely coincide with sovereign crises,' said Moody's Analyst Elena Duggar, author of the report. '

And the analysts make the even better point that you would have to introduce central control of sovereign guarantees to banks, off-balance sheet liabilities like pensions, and (most interesting of all) sub-sovereign issuance.

Most often a republic is a single sovereign state, but there are also sub-sovereign state entities that are referred to as republics, or which have governments that are described as 'republican' in nature.

Of course,' said the analysts, 'the stability of the outlook for the sub-sovereign sector does not necessarily preclude positive or negative rating actions on individual Russian RLGs depending on their specific performances.'