Liguria (Region of)
Standard & Poors, July 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: Full Analysis
Abstract
Low debt Robust economy Limited off-balance-sheet liabilities Structurally high health care deficits posted over 2004-2006 Reduced fiscal flexibility Liquidity pressure The rating on the Italian Region of Liguria reflects its low debt, robust economy by national and international standards--although this is handicapped by an aging population that will continue to pressure the health care budget--and limited off-balance-sheet liabilities. The rating is constrained by structurally high health care deficits posted over 2004-2006, suggesting a structural imbalance in the system; reduced fiscal flexibility partially used to cover health care deficits; and liquidity pressure derived from the late receipt of state transfers. Liguria's average operating margin has progressively deteriorated to a likely average over 2004-2006 of 1.6%, from an average of 4% over...
Companies mentioned in this report are: Liguria (Region of)
Action: Review
Liguria (Region of)
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