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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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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 some key functions that a private entity could not undertake, such as management of regional debt and public credit policy. In that sense, we think that the markets...
Companies mentioned in this report are: Instituto Valenciano de Finanzas
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Instituto Valenciano de Finanzas