Instituto Valenciano de Finanzas
- ID: 1713978
- July 2010
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Explicit guarantee from the Autonomous Community of Valencia. Critical importance as 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) reflect Standard & Poor's Ratings Services' view of the strength of the explicit statutory guarantee of the Autonomous Community of Valencia (ACV; A+/Negative/A-1) that considers IVF's liabilities as its own debt. In addition, we see IVF as a government-related entity (GRE) playing a "critical" role for the region and that an "integral" link exists between them. Because of that, we are "almost certain" that Valencia would provide timely and sufficient support if needed, according to our GRE criteria. In its role, IVF carries out...
Companies mentioned in this report are: Instituto Valenciano de Finanzas