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ATAC SpA
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
New status, which extends the City of Rome's full direct and indirect control of ATAC; New service contracts that determine increased organizational and financial integration between the City of Rome and ATAC; Full recognition of ATAC's financing needs in Rome's multiannual budget; Full political backing of Rome's administration, which has designated transport as a top priority. Persisting structural financial weakness, expected to be resolved in the medium term; Still-to be improved internal organization, to be streamlined with the constitution of the new agency; and Still-negative operating results in 2004, albeit on an improving trend. The ratings on ATAC recognize the structural reorganization of the private and public transport sector in the Italian capital and reflect three key elements: The assignment...
Companies mentioned in this report are: ATAC SpA,Rome (City of),Acea SpA
Action: Review
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