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Buying Time: One-Off Revenues Versus Fiscal Adjustment in the Italian Public Sector
Standard & Poors, Jan 2003
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
The public sector authorities in the Republic of Italy (AA/Stable/A-1+) have become the run-away leaders in Europe in the securitization of state assets. One principal motivation has been the reduction of general government deficits and the country's still very high general government debt burden, which, at an estimated 106% of GDP in 2003, is the highest among rated European sovereigns, be it inside or outside the EU. The only other sovereign government similarly inclined to use securitizations in its efforts to consolidate public debt is the Hellenic Republic (Greece; A/Positive/A-1), whose general government debt burden is an estimated 104% of GDP in 2003. In Italy, government securitizations got under way in earnest in 1999, when the government received -4.7 billion...
Companies mentioned in this report are: United Kingdom (Unsolicited Ratings),Germany (Federal Republic of) (Unsolicited Ratings),Italy (Republic of) (Unsolicited Ratings),Hellenic Republic,Venice (City of),Rome (City of),Turin (City of),Genoa (City of),Lazio (Region of),Friuli-Venezia Giulia (Autonomous Region of)
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