Research Update: Italian City of Milan Outlook Revised To Negative On Weaker Performance; 'A+' Rating Affirmed Sep 08

  • ID: 1723312
  • September 2008
  • Region: Italy
  • Standard & Poors
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On Sept. 15, 2008, Standard & Poor's Ratings Services revised its outlook on the Italian City of Milan to negative from stable. At the same time, the 'A+' long-term issuer credit rating was affirmed. The rating reflects Milan's good liquidity position, still-strong fiscal flexibility, and low contingent liabilities thanks to a profitable portfolio of shareholdings. These factors are offset by tightened budgetary performances and a high debt burden, which could continue to increase on the back of an ambitious capital program. The city's robust tax base and low tax rates give it significant revenue-raising flexibility by national and international standards. Despite the national abolition of property tax on principal residences, Milan's tax flexibility remains solid, at about 15% of operating...

Companies mentioned in this report are:
- Milan (City of)

Action: Affirmed
Action: Outlook: Negative

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- Milan (City of)

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