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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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Abstract
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

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, READ MORE >

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- Milan (City of)

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