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ATAC SpA
Standard & Poors, Nov 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: Full Analysis
Abstract
(Editor's note: The peer comparison table in this report, originally published Nov. 24, 2003, misstated the long-term rating on SMTC (Syndicat mixte des transports en commun de l'agglomeration toulousaine). The rating on SMTC is 'AA-/Stable/--'. A corrected version follows.) The ratings on ATAC SpA--the transport authority owned by the City of Rome (AA-/Stable/--)--reflect the entity's strategic role in Rome's transportation network; the strong support that it receives from the city, regional, and central governments; and its projected low and stable debt burden in the medium term. The ratings also take into consideration the structural weaknesses of Rome's local transportation system, such as low revenue-to-cost ratios by international standards, and the need to further improve the transport companies' operating efficiency. Rome...
Companies mentioned in this report are: ATAC SpA,Rome (City of)
Action: Review
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