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Brescia (City of) Mar 05
Standard & Poors, March 2005
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
Dynamic and diverse economy, which has shown resilience during the recent economic slowdown; Above-average financial flexibility and budgetary performance; and Valuable portfolio of cash-generating assets. Low--albeit increasing--debt; Constraints on financial and managerial autonomy, due to the relations between Italy's central government and LRGs. The rating on the Italian City of Brescia reflects its dynamic and resilient economy, above-average financial flexibility, and the resources generated by the city's portfolio of assets. The rating also takes into account the prospective increase of Brescia's consolidated debt. Moreover, it continues to reflect the constraints on local and regional government (LRG) autonomy, imposed by the framework of intergovernmental relations enforced by the central government of the Republic of Italy (AA-/Stable/A-1+). Brescia's financial flexibility is well...
Companies mentioned in this report are: Brescia (City of),Italy (Republic of) (Unsolicited Ratings),Milan (City of),Bologna (City of),Venice (City of),Florence (City of),Boulogne-Billancourt (City of),Lombardy (Region of),Cassa Depositi e Prestiti SpA,ASM Brescia SpA
Action: Review
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