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Industry Report Card: New Budget Law Likely To Lead To Slight Margin Improvement For Italian Cities And Provinces
Standard & Poors, April 2007
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
The creditworthiness of the 14 cities and four provinces Standard & Poor's Ratings Services rates in Italy remained robust overall in 2006. All the ratings are investment grade, and range from 'BBB' to 'A+', which corresponds to the rating on the Republic of Italy (A+/Stable/A-1+). Since November 2003, ratings on Italian local governments (LGs; in this report only cities and provinces) have been constrained by the sovereign rating, reflecting the central government's interference in their financial and managerial autonomy. Standard & Poor's continues to believe that Italian LGs are exposed to unilateral decisions by the central government, notably through the financial laws that have been implemented each year from 2002. However, the 'stop-and-go' policy that characterized 2002-2005 is fading in...
Companies mentioned in this report are: Naples (City of),Milan (City of),Bologna (City of),Venice (City of),Rome (City of),Turin (City of),Genoa (City of),Florence (City of),Jesi (City of),Lucca (City of),Ancona (Province of),Bologna (Province of),Rome (Province of),Alessandria (City of),Prato (Province of),Prato (City of),Orvieto (City of),Roseto degli Abruzzi (City of)
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