Research Update: Spanish Financial Agency Instituto Valenciano de Finanzas 'BB/B' Ratings Affirmed; Outlook Negative Nov 12
- Language: English
- Published: November 2012
- Region: Spain
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Research Type: Full Analysis
Explicit guarantee from the Autonomous Community of Valencia Critical importance as the Valencia's official financial agency Stable financial support Weak financial profile, with high delinquency rates and low capitalization The ratings on Instituto Valenciano de Finanzas (IVF) are equalized with those on the Autonomous Community of Valencia (ACV; AA-/Negative/A-1+), reflecting our view about the strength of the explicit statutory guarantee granted by the latter, whereby IVF's liabilities are considered as debts of ACV. According to our criteria for government-related entities, we consider that IVF has a "critical" role for ACV, given that it carries out some key functions that could not be undertaken by a private entity (such as management of regional debt and public credit policy). In that sense,...
Companies mentioned in this report are: Instituto Valenciano de Finanzas,Valencia (Autonomous Community of)
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Instituto Valenciano de Finanzas,Valencia (Autonomous Community of)