Research Update: Italy-Based Cassa Depositi e Prestiti SpA Ratings Affirmed At 'BBB+/A-2'; Outlook Remains Negative Nov 12
- Language: English
- Published: November 2012
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.
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.
The rating on the Italian City of Rome principally reflects the extraordinary financial support received by the city, in the form of -500 million in additional annual state transfers (15% of operating revenues) in recognition of its capital status, as well as the transfer of the city's past liabilities to a separate administration "gestione commissariale," established by the central government, and the access to cash advances from Cassa Depositi e Prestiti SpA (CDP; A+/Stable/A-1+) or other banks, to fund such liabilities. Outside of this extraordinary support, Rome's economic and financial characteristics remain in line with those of peers at the 'A' rating level, with a strong economy but a high consolidated debt burden, a rigid budget structure, and large capital...
Companies mentioned in this report are: Rome (City of)
SHOW LESS READ MORE >
Rome (City of)