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Brussels-Capital (Region of)
Standard & Poors, April 2011
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
Abstract
Good operating performance. Sophisticated financial management. Comfortable access to cash. Constrained financial capacity to exploit economic buoyancy. Increasing debt burden and tax-supported debt. Uncertainty regarding the impact of the upcoming reform of the regional institutional framework. The rating on the Belgian Region of Brussels-Capital (RBC) reflects RBC's good operating performance, sophisticated financial management, and comfortable access to cash, in Standard & Poor's Ratings Services' view. Tempering factors are the region's increasing direct and total tax-supported debt and the current institutional framework that, in our view, constrains RBC's capacity to benefit from economic buoyancy. In addition, while our rating still factors in the likelihood that RBC will benefit from a refinancing package in light of its unique spending pressures in its...
Companies mentioned in this report are: Brussels-Capital (Region of),Belgium (Kingdom of) (Unsolicited Ratings)
Action: Review
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