Summary: Rome (City of)

Standard & Poors, October 2006

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The rating on the Italian City of Rome was lowered to 'A+' from 'AA-' on Oct. 19, 2006, reflecting the downgrade of the Republic of Italy (A+/Stable/A-1+) on the same date. The revision of the rating on Rome acknowledges the continued strong interaction between the sovereign and its local and regional governments (LRGs). The rating on Rome will continue to be constrained by the rating on the Republic of Italy as long as the framework for intergovernmental relationships between the central government and LRGs restricts LRGs' managerial and financial autonomy. The rating is based on Rome's wealthy service-based economy and strong liquidity position. It is constrained by persistently high investment needs in the area of transportation and urban mobility, and...

Companies mentioned in this report are: Rome (City of)
Action: Review

Rome (City of)

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