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Brescia (City of) Aug 05
Standard & Poors, Aug 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 reflects Brescia's dynamic and resilient economy and above-average financial flexibility, as well as the resources generated by the city's asset portfolio. It also takes into account the prospective increase in Brescia's consolidated debt. In addition, the rating acknowledges the continued strong interaction between the sovereign and its local and regional governments (LRGs). The rating and outlook on Brescia will continue to be constrained by those on the Republic of Italy as long as the framework...
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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