The other national markets are too small to develop a national rating scale. The credibility of rating agencies has been negatively affected by the financial crisis, however, as many criticised those agencies for not having adequately appraised the risks of sophisticated securities, such as mortgage-backed securities, and thereby contributing to the financial bubble. The most credit-worthy providers would tap into loans from government (Municipal Development Fund Office or the Development Bank of the Philippines) and private financial institutions with their resources derived from cost-recovering tariffs. The less credit-worthy providers would rely on concessional debt and grants from the government and financing from NGOs. In some countries, the report noted that “these ratings compare favourably to the ratings accorded by GCR to various large entities operating across other key sectors (within the same countries as those of the participating water utilities)”. However, the assessment noted that these ratings were lower than what would be expected given their quasi-monopoly situation.