Government-related entities (GREs) provide goods and services, which are important for the government, and/or are controlled by the government.  We consider an entity to be a GRE if (i) we believe it could, if under stress, benefit from extraordinary government support, or (ii) we believe an entity controlled by a government could be subject to negative extraordinary government intervention if the government is under stress. By "government," we refer to sovereigns, U.S. states, and local and regional governments (LRGs) globally.