[ad_1]
Score Motion: Moody’s downgrades Kyrgyz Republic’s scores to B3, modifications outlook to secure from negativeGlobal Credit score Analysis – 25 Jan 2022Singapore, January 25, 2022 — Moody’s Buyers Service (“Moody’s”) has at present downgraded the Authorities of Kyrgyz Republic’s native and overseas forex long-term issuer scores to B3 from B2. The outlook has been modified to secure from detrimental.The choice to downgrade the scores is pushed by Moody’s evaluation that current developments affecting the economically necessary mining sector, and particularly the repossession of the Kumtor mine by the federal government, partly mirror comparatively weak establishments and governance and are prone to negatively have an effect on long-term financial progress notably via the deterrence of overseas funding. Decrease progress and undermined prospects for financial diversification will in flip negatively have an effect on authorities income. With mining a serious supply of exports for the Kyrgyz Republic, the sovereign’s exterior place is probably durably weakened. Greater uncertainty across the funding local weather following the repossession of Kumtor can also deter concessional finance flows which have supported the Kyrgyz Republic’s financing of presidency deficits and its exterior place.The change in outlook to secure from detrimental displays Moody’s view that the dangers are balanced on the B3 score degree. Specifically, whereas current developments level to probably larger authorities liquidity and exterior vulnerability dangers, these dangers stay manageable because of a buildup in overseas reserve buffers and a benign exterior debt compensation profile.Concurrent to at present’s score motion, the Kyrgyz Republic’s native forex ceiling has been lowered to B2 from B1 and the overseas forex ceiling has been lowered to B3 from B2. The slim one-notch hole between the native forex ceiling and the sovereign score displays the federal government’s comparatively giant footprint within the economic system, the unpredictability of some authorities choices as mirrored in its choices on the Kumtor mine, and a unstable home political setting that would hinder the economic system’s long-term improvement. The one-notch hole between the overseas forex ceiling and the native forex ceiling takes into consideration the authorities’ dedication to versatile alternate charges and open capital accounts amid giant inward remittances and overseas direct funding inflows, albeit Moody’s sees the latter at some threat if the funding attractiveness of the Kyrgyz Republic wanes. These components decrease the chance of switch and convertibility restrictions. That is balanced by a restricted observe file of financial coverage effectiveness and a big share of overseas forex exterior debt.RATINGS RATIONALERATIONALE FOR THE DOWNGRADE OF RATINGSThe downgrade within the Kyrgyz Republic’s scores to B3 is primarily pushed by developments throughout 2021 and specifically authorities actions which are prone to durably have an effect on the funding local weather within the Kyrgyz Republic with penalties for the sovereign’s financial and monetary power in addition to the exterior place.In Might 2021, the Kyrgyz Republic’s authorities took management of the Kumtor gold mine owned by Centerra Gold after passage of a legislation permitting it to impose exterior administration for as much as three months on mining corporations working below a concession settlement if it was discovered to have violated environmental laws or endangered the setting. The time interval for exterior management was then prolonged to the time limit the place such points had been resolved. Within the wake of this and different Kumtor associated points, in September 2021, the London Bullion Market Affiliation suspended the membership of Kyrgyzaltyn JSC – the state-owned gold buying and selling monopoly — from its record of acceptable refiners, basically barring Kyrgyz produced gold from worldwide markets.Moody’s expects that the federal government’s determination to repossess the Kumtor mine from long-time operator Centerra Gold (not rated) could considerably negatively have an effect on the financial contribution of the mine itself however importantly have a detrimental influence on the funding local weather within the Kyrgyz Republic.The mine accounts for a big share of round 10% of the Kyrgyz Republic’s GDP. If the federal government or a future operator will not be in a position to faucet its potential to the identical extent as would have been the case with the deliberate investments by its earlier proprietor, the Kyrgyz Republic’s progress potential will likely be materially affected.The rise in funding uncertainty implied by current occasions round Kumtor and the resultant detrimental influence on investor notion of the Kyrgyz Republic as a vacation spot for a lot wanted funding to broaden the comparatively slim base of its economic system, provides to the political uncertainties which Moody’s recognized as a rationale for the detrimental outlook positioned on the score in November 2020.The previous relative stability within the Kyrgyz Republic’s funding framework has performed an necessary function in supporting excessive ranges of financing and technical assist from improvement companions together with relative to different Central Asian sovereigns however such modifications within the attractiveness of funding threaten the long-term attractiveness of the Kyrgyz Republic for overseas traders and probably financing from worldwide monetary establishments.Decrease financial progress potential will constrain authorities income, particularly since mining has been a serious income for the federal government. In flip, weaker income technology could scale back the capability for the federal government to assist spending in key areas of coverage together with training and abilities improvement, export infrastructure and capability constructing and broader structural reform to spice up productiveness.The implications for the Kyrgyz Republic’s exterior place stay unsure however dangers have elevated. The Kyrgyz Republic has run sustained vital present account deficits for the reason that mid-2000s reflecting an ongoing extra of funding, notably within the mining sector, over slim home financial savings. The deficit has been financed by inflows of overseas direct funding and concessional worldwide monetary establishment lending. Moody’s expects the present account to enhance reasonably within the brief time period as funding eases and home financial savings rise with fiscal consolidation happening within the wake of the pandemic. Nevertheless, the dangers for the present account are to the draw back, notably if upkeep of gold manufacturing at Kumtor shouldn’t be achieved. As well as, concessional financing could also be much less accessible. On this case, coverage changes similar to a tightening in fiscal coverage to offset declining funds revenues, placing downwards strain on progress can be probably.Whereas the political and funding local weather has grow to be extra unstable since November 2020, institutional and governance strengths have remained basically unchanged. Coverage making stays hampered by comparatively weak government establishments reflective of restricted administrative capability. Excessive ranges of inflation could require considerably extra tightening of coverage notably if imported items inflation picks up with the consequence that the financial restoration in practice will likely be stymied. It’s also not clear that the central financial institution will have the ability to handle a interval of excessive inflation successfully given present limitations within the financial coverage instruments to successfully handle inflation and inflation expectations. In the meantime, Moody’s expects that the Kyrgyz Republic’s authorities stay dedicated to prudent fiscal coverage, and to reining within the fiscal deficit because the influence of the coronavirus on its economic system wanes. The authorities have constructed a observe file of fiscal prudence previous to the pandemic and we don’t anticipate this to alter.RATIONALE FOR STABLE OUTLOOKThe change in outlook to secure from detrimental displays Moody’s view that the dangers are balanced on the B3 score degree. Specifically, whereas current developments level to probably larger authorities liquidity and exterior vulnerability dangers, these dangers stay manageable because of a buildup in overseas reserve buffers and a benign exterior debt compensation profile. Additionally, though diminished by the elevated threat round improvement of the minerals sector, the nation’s progress prospects stay strong underpinned by its mineral endowments and advantageous demographic profile.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSFACTORS THAT COULD LEAD TO AN UPGRADEThe score could possibly be upgraded if political and associated financial developments had been to result in outcomes that protect funding preparations with improvement companions and stabilise investor sentiment across the coverage and institutional framework governing funding within the Kyrgyz Republic’s economic system, particularly amongst overseas traders. Relatedly, a discount within the sovereign’s exterior debt and strengthening of its exterior place would even be credit score constructive.FACTORS THAT COULD LEAD TO A DOWNGRADEThe score would probably be downgraded if wider fiscal deficits had been to persist for the federal government, pointing to a deterioration in its debt compensation capability in addition to its skill to cut back debt over the medium time period and foster progress via improvement spending. Political and institutional developments that hindered overseas funding and the influx of long-term capital, in addition to assist from the donor neighborhood, to a higher extent than Moody’s at present assume might additionally put downward strain on the score.ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONSThe Kyrgyz Republic’s ESG Credit score Impression Rating is very detrimental (CIS-4), primarily reflecting its excessive publicity to social threat and weak governance profile, whereas the publicity to environmental threat is reasonable. Weak establishments constrain the federal government’s capability to deal with ESG dangers.The publicity to setting threat is reasonably detrimental (E-3 issuer profile rating) and primarily pertains to the degradation and erosion of the nation’s land, which — given the significance of agriculture as a supply of employment and exports — has the potential to weigh on its economic system in the long run. Environmental points related to the mining sector additionally sporadically enter the home political debate.The publicity to social threat is very detrimental (S-4 issuer profile rating) and stems from factional tensions exacerbated mainly by low incomes, in addition to nonetheless restricted social infrastructure and low training attainment ranges. These tensions, which are likely to erupt into violence and political instability, drive largely our evaluation of the Kyrgyz Republic’s occasion threat. Whereas demographics are beneficial, excessive charges of emigration given a scarcity of home employment alternatives restrict the potential constructive influence on the economic system over the long run.The affect of governance on the sovereign’s credit score profile is very detrimental (G-4 issuer profile rating), reflecting weaknesses within the management of corruption and rule of legislation, in addition to the restricted observe file of efficient policymaking, regardless of continued enhancements in knowledge availability and transparency. These constrain the long-term improvement of the nation and its resilience to environmental and social dangers.GDP per capita (PPP foundation, US$): 5,007 (2020 Precise) (often known as Per Capita Earnings)Actual GDP progress (% change): -8.6% (2020 Precise) (often known as GDP Development)Inflation Charge (CPI, % change Dec/Dec): 9.7% (2020 Precise)Gen. Gov. Monetary Steadiness/GDP: -3.3% (2020 Precise) (often known as Fiscal Steadiness)Present Account Steadiness/GDP: 4.8% (2020 Precise) (often known as Exterior Steadiness)Exterior debt/GDP: 112.4% (2020 Precise)Financial resiliency: b3Default historical past: No default occasions (on bonds or loans) have been recorded since 1983.On 20 January 2022, a score committee was referred to as to debate the score of the Kyrgyz Republic, Authorities of. The details raised through the dialogue had been: The issuer’s financial fundamentals, together with its financial power, have materially decreased. The issuer’s establishments and governance power, haven’t materially modified. The issuer’s fiscal or monetary power, together with its debt profile, has materially decreased. The issuer’s susceptibility to occasion dangers has not materially modified.The principal methodology utilized in these scores was Sovereign Scores Methodology printed in November 2019 and obtainable at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1158631. Alternatively, please see the Score Methodologies web page on www.moodys.com for a duplicate of this system.The weighting of all score components is described within the methodology used on this credit standing motion, if relevant.REGULATORY DISCLOSURESFor additional specification of Moody’s key score assumptions and sensitivity evaluation, see the sections Methodology Assumptions and Sensitivity to Assumptions within the disclosure type. Moody’s Score Symbols and Definitions might be discovered at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For scores issued on a program, sequence, class/class of debt or safety this announcement offers sure regulatory disclosures in relation to every score of a subsequently issued bond or notice of the identical sequence, class/class of debt, safety or pursuant to a program for which the scores are derived completely from present scores in accordance with Moody’s score practices. For scores issued on a assist supplier, this announcement offers sure regulatory disclosures in relation to the credit standing motion on the assist supplier and in relation to every specific credit standing motion for securities that derive their credit score scores from the assist supplier’s credit standing. For provisional scores, this announcement offers sure regulatory disclosures in relation to the provisional score assigned, and in relation to a definitive score which may be assigned subsequent to the ultimate issuance of the debt, in every case the place the transaction construction and phrases haven’t modified previous to the task of the definitive score in a fashion that might have affected the score. For additional info please see the scores tab on the issuer/entity web page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit score assist from the first entity(ies) of this credit standing motion, and whose scores could change because of this credit standing motion, the related regulatory disclosures will likely be these of the guarantor entity. Exceptions to this strategy exist for the next disclosures, if relevant to jurisdiction: Ancillary Companies, Disclosure to rated entity, Disclosure from rated entity.The scores have been disclosed to the rated entity or its designated agent(s) and issued with no modification ensuing from that disclosure.These scores are solicited. Please check with Moody’s Coverage for Designating and Assigning Unsolicited Credit score Scores obtainable on its web site www.moodys.com.Regulatory disclosures contained on this press launch apply to the credit standing and, if relevant, the associated score outlook or score evaluation.Moody’s basic ideas for assessing environmental, social and governance (ESG) dangers in our credit score evaluation might be discovered at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.At the least one ESG consideration was materials to the credit standing motion(s) introduced and described above.The World Scale Credit score Score on this Credit score Score Announcement was issued by certainly one of Moody’s associates exterior the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Foremost 60322, Germany, in accordance with Artwork.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit score Score Businesses. Additional info on the EU endorsement standing and on the Moody’s workplace that issued the credit standing is out there on www.moodys.com.The World Scale Credit score Score on this Credit score Score Announcement was issued by certainly one of Moody’s associates exterior the UK and is endorsed by Moody’s Buyers Service Restricted, One Canada Sq., Canary Wharf, London E14 5FA below the legislation relevant to credit standing businesses within the UK. Additional info on the UK endorsement standing and on the Moody’s workplace that issued the credit standing is out there on www.moodys.com.Please see www.moodys.com for any updates on modifications to the lead score analyst and to the Moody’s authorized entity that has issued the score.Please see the scores tab on the issuer/entity web page on www.moodys.com for added regulatory disclosures for every credit standing. Martin Petch VP – Senior Credit score Officer Sovereign Danger Group Moody’s Buyers Service Singapore Pte. Ltd. 50 Raffles Place #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: 852 3758 1350 Consumer Service: 852 3551 3077 Marie Diron MD – Sovereign Danger Sovereign Danger Group JOURNALISTS: 44 20 7772 5456 Consumer Service: 44 20 7772 5454 Releasing Workplace: Moody’s Buyers Service Singapore Pte. Ltd. 50 Raffles Place #23-06 Singapore Land Tower Singapore 48623 Singapore JOURNALISTS: 852 3758 1350 Consumer Service: 852 3551 3077 © 2022 Moody’s Company, Moody’s Buyers Service, Inc., Moody’s Analytics, Inc. and/or their licensors and associates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All info contained herein is obtained by MOODY’S from sources believed by it to be correct and dependable. Due to the potential of human or mechanical error in addition to different components, nevertheless, all info contained herein is offered “AS IS” with out guarantee of any sort. MOODY’S adopts all mandatory measures in order that the knowledge it makes use of in assigning a credit standing is of ample high quality and from sources MOODY’S considers to be dependable together with, when acceptable, unbiased third-party sources. Nevertheless, MOODY’S shouldn’t be an auditor and can’t in each occasion independently confirm or validate info acquired within the score course of or in getting ready its Publications.To the extent permitted by legislation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim legal responsibility to any particular person or entity for any oblique, particular, consequential, or incidental losses or damages in any way arising from or in reference to the knowledge contained herein or using or incapacity to make use of any such info, even when MOODY’S or any of its administrators, officers, workers, brokers, representatives, licensors or suppliers is suggested prematurely of the potential of such losses or damages, together with however not restricted to: (a) any lack of current or potential earnings or (b) any loss or injury arising the place the related monetary instrument shouldn’t be the topic of a selected credit standing assigned by MOODY’S.To the extent permitted by legislation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim legal responsibility for any direct or compensatory losses or damages brought about to any particular person or entity, together with however not restricted to by any negligence (however excluding fraud, willful misconduct or every other kind of legal responsibility that, for the avoidance of doubt, by legislation can’t be excluded) on the a part of, or any contingency inside or past the management of, MOODY’S or any of its administrators, officers, workers, brokers, representatives, licensors or suppliers, arising from or in reference to the knowledge contained herein or using or incapacity to make use of any such info.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Buyers Service, Inc., a wholly-owned credit standing company subsidiary of Moody’s Company (“MCO”), hereby discloses that the majority issuers of debt securities (together with company and municipal bonds, debentures, notes and business paper) and most popular inventory rated by Moody’s Buyers Service, Inc. have, previous to task of any credit standing, agreed to pay to Moody’s Buyers Service, Inc. for credit score scores opinions and providers rendered by it charges starting from $1,000 to roughly $5,000,000. MCO and Moody’s Buyers Service additionally preserve insurance policies and procedures to deal with the independence of Moody’s Buyers Service credit score scores and credit standing processes. Info relating to sure affiliations that will exist between administrators of MCO and rated entities, and between entities who maintain credit score scores from Moody’s Buyers Service and have additionally publicly reported to the SEC an possession curiosity in MCO of greater than 5%, is posted yearly at www.moodys.com below the heading “Investor Relations — Company Governance — Director and Shareholder Affiliation Coverage.”Extra phrases for Australia solely: Any publication into Australia of this doc is pursuant to the Australian Monetary Companies License of MOODY’S affiliate, Moody’s Buyers Service Pty Restricted ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as relevant). This doc is meant to be offered solely to “wholesale purchasers” throughout the which means of part 761G of the Companies Act 2001. By persevering with to entry this doc from inside Australia, you symbolize to MOODY’S that you’re, or are accessing the doc as a consultant of, a “wholesale shopper” and that neither you nor the entity you symbolize will instantly or not directly disseminate this doc or its contents to “retail purchasers” throughout the which means of part 761G of the Companies Act 2001. MOODY’S credit standing is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the fairness securities of the issuer or any type of safety that’s obtainable to retail traders.Extra phrases for Japan solely: Moody’s Japan Ok.Ok. (“MJKK”) is a wholly-owned credit standing company subsidiary of Moody’s Group Japan G.Ok., which is wholly-owned by Moody’s Abroad Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan Ok.Ok. (“MSFJ”) is a wholly-owned credit standing company subsidiary of MJKK. MSFJ shouldn’t be a Nationally Acknowledged Statistical Score Group (“NRSRO”). Subsequently, credit score scores assigned by MSFJ are Non-NRSRO Credit score Scores. Non-NRSRO Credit score Scores are assigned by an entity that’s not a NRSRO and, consequently, the rated obligation won’t qualify for sure kinds of remedy below U.S. legal guidelines. MJKK and MSFJ are credit standing businesses registered with the Japan Monetary Companies Company and their registration numbers are FSA Commissioner (Scores) No. 2 and three respectively.MJKK or MSFJ (as relevant) hereby disclose that the majority issuers of debt securities (together with company and municipal bonds, debentures, notes and business paper) and most popular inventory rated by MJKK or MSFJ (as relevant) have, previous to task of any credit standing, agreed to pay to MJKK or MSFJ (as relevant) for credit score scores opinions and providers rendered by it charges starting from JPY100,000 to roughly JPY550,000,000.MJKK and MSFJ additionally preserve insurance policies and procedures to deal with Japanese regulatory necessities.
[ad_2]
Source link
